On May 31, the U.S. House of Representatives passed a bill to suspend the debt ceiling through Jan. 1, 2025. The Fiscal Responsibility Act will limit non-defense federal spending, and according to the Congressional Budget Office, would reduce federal budget deficits by $1.5 trillion over the next 10 years. Among other provisions, the bill will rescind some of the funds appropriated to the IRS under a law passed last year.
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