The House passed a bipartisan debt ceiling bill on Wednesday night, overriding vocal opposition by conservative and liberal legislators. This brings the country closer to avoiding a crippling default before the deadline next week.

The bipartisan vote of 314 to 117 was the result of negotiations between President Biden and Speaker Kevin McCarthy (R – California) and their designees. Now the legislation will be sent to the Senate for consideration.

Treasury Secretary Janet Yellen warned that the U.S. may run out of money to pay its bills on June 5. This would lead the country into a first-ever default, which would be disastrous for the economy.

McCarthy stated on Wednesday that the Fiscal Responsibility Act was a vital first step in putting America on track. It is what’s right for our children and is what can be done in a divided government.

He continued: “Yes, this may not be everything we have to do, but it’s what we must do now.”

The bill suspends debt limits until Jan. 1, 2025. It also implements a number of cost-cutting initiatives, including new spending caps for the next two fiscal years and the clawback of billions in COVID-19 funds that have not been spent. The bill also contains permitting reforms, ends Biden’s suspension of student loan payments, increases work requirements for federal assistance and cancels funds appropriated to Internal Revenue Service under the Inflation Reduction Act passed by Democrats last summer.

McCarthy won the vote on Wednesday. He led his conference to pass a comprehensive debt limit bill in early April. McCarthy also convinced Biden to come to the table for negotiations after the President insisted for months on a debt ceiling increase that was “clean”. McCarthy then succeeded in limiting the talks to him, the President, and their deputies. McCarthy’s deputies — Reps. Garret Graves (R-La.) McCarthy’s deputies — Reps. Garret Graves (R-La.)

“More that two thirds of our conference voted in favor.” We convinced all Democrats who had signed a petition to discharge the debt limit — to state that they would not raise the ceiling but only cleanly raise it — to vote in favor of it. Think about how far we can go”, McCarthy said at a press briefing following the vote.

The deal also increased the likelihood that McCarthy, who won his Speakership in January after 15 votes of voting, could be challenged to the gavel by conservatives who feel betrayed by his agreement with the White House.

Biden also won the vote, achieving the Democrats’ aim of delaying any future increase in the debt ceiling beyond the presidential election of 2024.

Both camps faced opposition.

71 Republicans and 46 Democrats voted in opposition to the bill, mainly liberals and conservatives who were protesting certain provisions. The numbers of those who voted against the bill were not enough to stop it from passing. This was because a mix of moderates, leadership allies, and liberals backed the measure, despite the fact that some of them admitted the bill was not what they wanted.

Conservatives were generally frustrated by the small amount of spending reductions in the agreement, and the absence several provisions in the Limit, Save, Grow Act, the debt limit legislation that House Republicans approved in April.

The Congressional Budget Office Tuesday estimated that a bipartisan deal on debt limits could reduce projected deficits in the next decade by $1.5 trillion. This is a paltry estimate compared to the $4.8 trillion nonpartisan scorekeeper claimed the GOP bill would achieve.

During a Tuesday press conference, Rep. Scott Perry, the chairman of the House Freedom Caucus said, “Trillions and trillions of dollar in debt, for crumbs. For a pittance. Everything.”

He added, “The Speaker has himself said numerous times that the greatest thing to America is its debt. Now is the time to take action.” “We had time to act, and this deal failed completely.”

Before the vote on this important bill, more than thirty Republicans publicly declared that they would vote against it. Some even encouraged their GOP colleagues in the opposition.

“I’m very clear about this: No Republican should vote in favor of this deal. “Not one,” said Rep. Chip Roy, R-Texas, during a Tuesday press conference. “If you are watching, all of my colleagues, let me be clear: not one Republican should vote in favor of this deal.”

He added, “It’s a bad deal.”

Liberals expressed concern about the amount and scope of the spending cuts and provisions included in the bill. They also accused Republicans of holding hostage the U.S. economic system by forcing cost-cutting measures in conjunction with raising the debt ceiling.

After voting against the debt limit bill, Rep. Pramila Jajapal (D-Wash.) said, “We must make it clear that the hostage-taking was unacceptable. It will have very real consequences, including for poor and working people, who are now forced to pay back crippling student loans, as well as Black and Brown women, who will lose their food assistance, because they’ll be forced to work in their senior years.”

The issue of work requirements was also a controversial one throughout the negotiations. McCarthy called it a “red line” and House Minority leader Hakeem Jeffries, D-N.Y., called it a non-starter.

The law implements new requirements for those who receive the Supplemental Nutrition Assistance Program (formerly known as Food Stamps) and are between 50 and 54 years old and have no dependents. It also includes additional requirements for the Temporary Assistance for Needy Families program.

However, the bill includes exemptions from the food stamp work requirements for those who are homeless, veterans and those aged 24 or younger, who were in foster-care when they turned 18 years old.

CBO estimates that changes in work requirements will increase spending by $2.1 Billion over the next ten years.

After a dramatic procedural vote, Democrats rushed to assist Republicans in passing the bill.

Voting on the rules that govern debates over legislation