The US House of Representatives voted to raise the federal debt ceilingbringing the country one step closer to dodging the threat of catastrophe standardjust five days before the deadline set by the Treasury.

The deeply divided House of Commons passed by 314 votes to 117 against suspending the debt ceiling until 2025, a result President Joe Biden viewed as a “decisive step” to avoid the bankruptcy of the world’s largest economy. The Senate is expected to do the same before the end of the week, details Appp.

There were 149 Republicans and 165 Democrats who voted for the bill and 71 Republicans and 46 Democrats who voted against it.

CNN indicates that the deadline to pass the bill in Congress is extremely tight and there is little room for error, which puts enormous pressure on the leaders of both sides.

Lawmakers are quickening the clock to avoid a first default on June 5, the date the Treasury Department has said it will no longer be able to pay all of the country’s obligations in full and on time.

The debt limit bill met backlash from the far right and far left, but eventually it passed the House by a wide margin with significant bipartisan support.

By suspending the debt limit until 2025, the threat of default until after the presidential election is removed.

In addition to addressing the debt limit, the bill limits non-defense spending, expands work requirements for some food stamp recipients and restores some covid-19 relief funds, among other policy provisions.