To prevent a severe economic catastrophe, the U.S. House of Representatives has suspended the nation’s debt ceiling for two years.

A bipartisan coalition came together in force to support the agreement reached by Speaker Kevin McCarthy and President Biden as they continued efforts to save the country from looming economic disaster.

A revolt by far-right Republicans had threatened to halt discussion of the package.

However, by a vote of 314 to 117, the Republican-controlled House approved sending the bill to the Senate. Now, it has until Monday to pass it and deliver it to President Joe Biden before the U.S. government runs out of cash to pay its debts.

“This agreement is good news for the American people and the American economy,” Mr Biden said after the vote, urging the Senate to pass it quickly so that he could sign it into law.

The vote occurred days before the country was expected to run out of borrowing capacity.

The federal debt ceiling would be postponed for two years under the legislation, which has the support of leaders in both parties and would permit the government to borrow as much money as it needs to pay its debts.

The bill now goes to the Senate.

The legislation suspends the federal government’s borrowing cap until January 20, 2025.