WASHINGTON — The US House of Representatives Monday passed a bill crafted by leaders of both parties and the White House to raise the nation’s $14.29 trillion debt ceiling, in a 269-161 vote.
Democrats split evenly 95-95 while 174 Republicans voted for the bill and 66 voted against.
In a surprise move, Rep. Gabrielle Giffords (D-Ariz.), who was seriously injured in a shooting rampage in Tucson back in January, returned to the Capitol to vote for the bill. She was greeted with applause by members of the chamber.
MORE: Gabrielle Giffords Returns To Vote On Bill
Prior to the vote, House Minority Leader Nancy Pelosi (D-Calif.) told members of her caucus to vote their conscience on the bill. She and other House Democratic leaders voted for the bill despite having reservations about its contents.
Many conservative House Republicans also expressed displeasure with the bill, saying it did not go far enough in terms of spending cuts and cut too much from the defense budget.
In an interview with CBS News anchor Scott Pelley prior to the vote, House Speaker John Boehner (R-Ohio) said he was pleased with the final deal. “I got 98 percent of what I wanted. I’m pretty happy,” he said.
The nonpartisan Congressional Budget Office (CBO) has said the bill will reduce the deficit by at least $2.1 trillion between 2012 and 2021.
The legislation includes provisions that would reduce spending by $917 billion over the 10-year period. It also calls for the creation of a 12-member congressional committee that would propose further deficit reduction, with the goal of achieving at least $1.5 trillion in savings.
Automatic reductions triggered by the absence of such legislation would reduce deficits by at least $1.2 trillion, the CBO said, meaning total deficit reduction from the deal would be at least $2.1 trillion. Those enforced cuts would come from Medicare and The Pentagon budget.
The Senate will vote on the legislation Tuesday at noon ET.
In an interview with FOX News radio Monday, Senate Minority Leader Mitch McConnell (R-Ky.) predicted easy passage in the Senate, saying, “there will be significant Republican support for this agreement” in the upper chamber.
After its passage by the Senate, the bill will head to President Barack Obama’s desk. With his signature ahead of the midnight Tuesday deadline, the nation will avoid the default that many feared would occur as a result of partisan gridlock in the nation’s capital.