On Saturday, June 3, President Joe Biden signed legislation to suspend the federal borrowing limit until January 1, 2025, ending more than five months of escalating political drama surrounding this high-stakes economic issue.

The final measure caps nondefense spending in fiscal year (FY) 2024 at $703.7 billion (roughly the same level as FY 2023) and $710.7 billion in FY 2025. Defense programs in FY 2024 will receive a 3.3% increase from the FY 2023 level ($886.3 billion) and be funded at $895.2 billion in FY 2025. Although these caps are projected to save an estimated $1.5 trillion over the next 10 years, when compared to the previous budget projections, the national debt is still expected to grow more than by $20 trillion over that period.

While the measure was supported by more than two-thirds of House Republicans, a splinter group of 11 Republican members angered by the agreement negotiated by House Speaker Kevin McCarthy have taken to voting against procedural measures, halting legislative activity last week.