The High Stakes of the Debt Limit Law in the 2024 Election.

The newly enacted debt ceiling law suspends the debt limit until Jan. 1, 2025, with an additional few months for the Treasury Department to use “extraordinary measures” to pay the bills. The party that controls Congress and the White House will set the agenda on consequential issues that will shape the next decade of tax, spending and health care policy in the first year of the new term. The new debt limit law also includes a two-year budget agreement that expires in 2025. Enhanced Obamacare subsidies and major parts of the 2017 Republican tax cuts named for former President Donald Trump will likewise expire at the end of 2025.