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Fiscal Responsibility Act of 2023

Jun 10, 2023 9:30:00 AM
written by The Retirement Group

The Fiscal Responsibility Act of 2023, signed into law on June 3, 2023, suspends the federal debt ceiling until January 2025. The legislation also includes a number of spending cuts. It is estimated to reduce federal budget deficits by about $1.5 trillion over the 2023-2033 period relative to the May 2023 baseline projections, according to the Congressional Budget Office.

Some significant provisions in the legislation are summarized below.

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posted in Financial Planning, 2023, Legislation, Fiscal Responsibility Act

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Information regarding the lump-sum payout may or may not apply to specific employees based on factors such as mergers, acquisitions, years of service, age, or the date an employee was hired.