What happened: President Joe Biden and congressional negotiators reached agreement on a package of spending cuts in exchange for an increase in the nation’s borrowing authority through 2024. The House and Senate passed the legislation on a bipartisan basis.
What’s included: In addition to raising the debt ceiling, the legislation builds on National Environmental Policy Act (NEPA) permitting improvements included in the 2021 Infrastructure Investment and Jobs Act (IIJA) by requiring firm, two-year deadlines and imposing page limits on environmental impact statements. The agreement does not cut core highway, bridge and public transportation programs in the IIJA.
Why it matters: ARTBA urged Congress to pass the Fiscal Responsibility Act. The permitting improvements could help projects move more quickly from planning to construction. The economic stability provided by raising the debt ceiling also helps states and ARTBA members as IIJA construction activity increases.
What’s next: The legislation will be signed by President Biden before the debt limit is reached June 5.
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