H.R. 3746: Fiscal Responsibility Act of 2023
This was a vote to pass H.R. 3746 in the House.
This bill would enact a compromise reached by House Republicans and President Biden to avert an impending fiscal crisis related to the statutory debt limit. In exchange for the continued solvency of the federal government, sought by Democrats, Republicans secured in the bill across-the-board cuts to federal spending, ending Biden's suspension of student loan repayments, adding new work requirements for SNAP and TANF, reinstituting the statutory debt limit after the 2024 elections, and more.
The fiscal crisis came about because of a paradox between three parts of law: federal spending levels set by law have increased (largely due to the Trump Administration's recent COVID relief programs), revenue from enacted tax laws have not kept pace (largely due to tax cuts enacted during the Trump Administration), and the statutory debt limit, a law originally enacted in 1917, limits the cumulative amount that the federal government can borrow to cover the shortfall between spending and revenue. Existing law also prohibits the printing of money to bridge fiscal gaps. Throughout the first half of 2023 the Treasury Department warned Congress that the debt limit would be reached, on May 26 warning that it would be reached as soon as June 5.
The paradox in law is intentional: The debt limit is a manufactured crisis exploited by Republicans to periodically extract policy concessions under the threat of economic crisis.
If the debt limit were reached, the federal government would default on its obligations, meaning it would not have the money to pay all of its existing obligations set in law. Those obligations include salaries of members of the military and other federal employees, Social Security and related programs, grants to state police and schools, interest payments on federal debt to retirement plans and other debt holders, and so on. Economists believe that a default could trigger a global recession.
All Votes | Republicans | Democrats | ||
---|---|---|---|---|
Aye | 73% |
314
|
149
|
165
|
No | 27% |
117
|
71
|
46
|
Not Voting |
4
|
2
|
2
|
Passed. Simple Majority Required. Source: house.gov.
Seat position based on our ideology score.
Each hexagon represents one congressional district. Dark shaded hexes are Aye votes.