The U.S. House voted Wed. to pass legislation suspending the debt ceiling through 2025, averting a June 5 default.

The chamber voted 314–117 to pass the bill Wed. night; 71 Republicans and 46 Democrats voted against the resolution. (CNN)

Wed.'s vote came days before the US was set to default on its national debt for the first time ever. (CNN)

Speaker Kevin McCarthy and Pres. Joe Biden brokered a deal Sat. to suspend the debt ceiling after weeks of failed talks.

What's in the bill? The bill suspends the $31.4T debt limit through Jan. 2025 in exchange for $136B+ in cuts. (CNN)

The bill also imposes new 20 hr per week work requirements for able-bodied adults age 50–54 on food stamps. (CNN)

Notably, veterans, people who are homeless and former foster youth will be exempt from work requirements under the deal.

The bill's new exemptions could expand food stamp eligibility by 78K+ people, according to a CBO analysis Tue.. (CNN)

The bill also caps non-defense spending through 2024 and limits annual spending to 1% growth for six years. (CNN)

Biden welcomed the bill's passage Wed.: "This budget agreement is a bipartisan compromise."

Biden: "I want to thank Speaker McCarthy and his team for negotiating in good faith, as well as Leader Jeffries..."

What's next? The bill now heads to the Senate, where it's expected to pass with bipartisan support. (CNN)

It's unclear when the Senate will vote: Schumer told lawmakers on Wed. to "prepare for potential Friday and weekend votes."