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WASHINGTON – The House of Representatives has passed the debt ceiling bill, averting what would have been the first U.S. default.

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It needed a simple majority to pass – 218 yeas, CNN reported.

The House passed the bill 314-117, The Associated Press reported.

CNN reported that 149 Republicans and 165 Democrats voted for it with 71 Republicans and 46 Democrats voting no.

The bill will now go to the Senate for passage, which is expected by the end of the week, the AP reported, and then it will go to the president for his signature.

The agreement between President Joe Biden and House Speaker Kevin McCarthy suspends the nation’s debt ceiling until January 1, 2025. It also contained several budget cuts, and was sealed with the help of centrist Democrats and Republicans, the AP reported.

But some Republicans said the deal didn’t cut spending enough, while McCarthy said it was only a “first step.” The 99-page bill restricts spending for two years and changes policies including new work requirements for older Americans who get food aid and allowing an Appalachian natural gas line. It gives more money to defense and veterans,

At first June 1 was believed to be the day that the country would run out of money to pay its debts. That date was then pushed to June 5 by the Treasury, the AP reported.