Passage of the Fiscal Responsibility Act, although it falls far short of its promising name, is welcome news. The product of a narrowly divided Congress, this legislation is not nearly as transformational as some declare, but it did push the urgency of deficit reduction on to center stage and take the prospect of a default off the table by extending the debt limit. But to achieve true transformation and make the Fiscal Responsibility Act’s legacy live up to its name, much more needs to be done. But first, credit is due to President Biden and House Speaker Kevin McCarthy (R-Calif.), and the bipartisan group of policymakers who voted for this bill, in doing the hard work of achieving a c
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