The House passed the Fiscal Responsibility Act of 2023, on May 31st, 2023.

President Biden and House Speaker Kevin McCarthy agreed to increase the debt-ceiling and to cap federal spending on May 27th.

The next step is for President Biden to sign it into law.

Assuming President Biden signs this, then a crisis may have been averted. However Treasury balances were down to around $50 billion and the treasury plans to end June with about $550 billion. Given that there are interest payments to made the actual incremental raise is likely north of $550 billion. A raise of this magnitude could have an adverse impact on liquidity. More once the agreement is signed into law.