Instead of a final resolution on America’s borrowing ability, the enacted bill provides a two-year window for the Treasury Department to borrow – as needed – funds to pay the nation’s already more than $31 trillion of debt. When January 2025 arrives, a new session of Congress will face the deferred problem. Until then, according to the Congressional Budget Office, cutbacks on discretionary spending would result in a drop in projected budget deficits of about $4.8 trillion over the next decade, and a savings of $0.5 trillion in interest.