By now, we all know the terms of the debt ceiling and government spending bill President Joe Biden signed last weekend after an acrimonious weekslong negotiation with House Republicans. The White House got the debt limit extended to January 2025, allowing Biden to avoid another costly fight as he campaigns for reelection. Republicans got spending caps on nondefense discretionary spending in 2024 and 2025. Defense spending, meanwhile, was locked in at $886 billion for 2024 (a 3.3% increase from the previous year) and $895 billion for 2025.