U.S. President-elect Donald Trump said the extension of the debt ceiling will "go down as one of the dumbest political decisions made in years," referring to a 2023 budget deal struck by then-House Speaker Kevin McCarthy and President Joe Biden. Under that deal, Congress suspended the debt ceiling until Jan. 1, 2025. The U.S. Treasury will be able to pay its bills for several more months, but Congress will have to address the issue at some point next year.