Congress passed an agreement this week that would raise budget caps and the debt ceiling while setting overall spending levels for the next two fiscal years.

The Senate passed the bill, known as H.R. 3877, by a 67-28 vote on August 1. Five Senators did not vote. The House passed the legislation by a 284-149 vote on July 25. President Trump signed the bill into law Friday afternoon.

The agreement specifies top-line spending levels for the next two years and suspends the debt ceiling until the end of July 2021. Those spending levels specified would be an increase by nearly $50 billion next fiscal year above current 2019 levels.

With President Trump’s signature Friday, the agreement marks the end of the 2011 Obama-era Budget Control Act. That law set strict spending caps enforced with automatic spending cuts, known as the sequester. Spending levels for the next two years will be $324 billion more than the levels agreed to in the Budget Control Act, but only $50 billion annually above current actual spending levels. A succession of budget deals since 2014 have waived those caps.

Largely negotiated between Speaker Nancy Pelosi (D-CA) and Treasury Secretary Steven Mnuchin, the agreement lifts those caps again and allow the entire Budget Control Act to expire in 2021. Earlier this year, Secretary Mnuchin had warned that the government could exceed its borrowing limit as soon as early September, before members return from recess.

Congress must now pass all 2020 appropriations bills before October 1. The House has already passed all of its appropriations The House begins its six-week August recess on July 26 and the Senate recesses on August 2. That leaves three weeks in September for both chambers to pass all 12 appropriations bills.