Legislative text that incorporated the debt limit deal was introduced on May 29, 2023, titled the “Fiscal Responsibility Act of 2023” (H.R. 410 of the bill suspends the federal debt limit through January 1, 2025. A notable technical matter is that the debt limit is not increased by a specific amount as has often been done in the past, but rather that the debt limit as a restriction on federal borrowing is suspended until 2025. This means that Treasury can borrow whatever amounts are necessary through that date and when the debt limit suspension ends, the new debt limit is established based on what has been borrowed. In FY 2033, CBO previously projected that the federal debt will be $46.7 trillion; the debt limit bill is projected to reduce that total debt to $45.2 trillion.

Source: New York Times June 01, 2023 17:26 UTC