The US debt ceiling bill has passed the House, moving to the Senate ahead of the default deadline.

The Fiscal Responsibility Act, or bill to raise the debt ceiling and government spending in the United States, passed the House by a wide margin late Wednesday. 314 votes were cast in favor of the bill while 117 votes were cast. The bill will go to the Senate for a vote just days before Monday's default deadline.

Both Democrats and Republicans voted in favor of the bill after a long-running battle between the two parties, who have largely focused on curbing government spending on other issues.

Treasury Secretary Janet Yellen said federal funding could dry up in the coming days unless lawmakers raise the debt ceiling before next week.

Failure to do so would disrupt global financial markets, lead to job losses in the United States and jeopardize government benefits for millions of Americans, according to Yellen.

The Fiscal Responsibility Act is the result of a deal between McCarthy and President Joe Biden that gives conservatives several ideological policy victories in exchange for next year's presidential election and votes to raise the debt limit through 2025.

U.S. President Joe Biden tweeted after the move that "Tonight, the House took an important step to prevent default and protect our nation's hard-earned and historic economic recovery."

"I urge the Senate to pass this as soon as possible so I can sign it into law and our country can continue to build the strongest economy in the world," the tweet added.