The Republican-controlled House voted 314-117, sending the bill to the Senate.
In the final vote,165 Democrats and 149 Republicans backed the bill negotiated by House Speaker Kevin McCarthy and President Joe Biden.
The bill, which suspends the $31.4 trillion cap on the federal government's borrowing limit through January 2025, needs to be passed by the Senate before Biden signs it into law.
The debt limit was hit in January, but the Treasury Department has taken steps to ensure that the US continues to pay its bills.
''Tonight, the House took a critical step forward to prevent a first-ever default and protect our country’s hard-earned and historic economic recovery,'' Biden said in a statement after the vote.
''This budget agreement is a bipartisan compromise. Neither side got everything it wanted.''
He thanked Speaker McCarthy and his team for negotiating in ''good faith.''
Biden urged the Senate to pass the bill as quickly as possible so that he can sign it into law.
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