A bill to raise the debt ceiling passed the House of Representatives last night.
Now, Democrats and Republicans in the Senate say they'll move quickly to get the bill to the president's desk ahead of Monday's debt-limit deadline.
"No one on either side would call this agreement perfect. No one got everything they wanted. That's why it's a bipartisan agreement," said Senate Majority Leader Chuck Schumer (D-NY) following Wednesday's House vote.
"I can tell you what I hope happens is that those who have amendments, if given votes, will yield back time so that we can finish this Thursday or Friday and soothe the country and soothe the markets," added Minority Leader Sen. Mitch McConnell (R-KY).
Late Wednesday, after rancorous objections from hardline Republicans and Democrats, the House approved the 99-page bill in a 314-117 vote, allowing the government to borrow more money.
House Speaker Kevin McCarthy hailed the package deal as "the biggest cut and savings" Congress has ever made.
"I wanted to make history," said Speaker McCarthy. "I wanted to do something no other Congress has done. That we would literally turn the ship."
The Congressional Budget Office says the cuts would result in $1.5 trillion over a decade.
But some Republicans wanted even more spending cuts and more concessions in exchange for raising the debt limits.
"We had the time to act. And this deal fails completely. And that's why these members and others will be absolutely opposed to the deal," said U.S. Rep. Scott Perry (R-PA) Tuesday during a press conference.
Arizona Republican Eli Crane tweeted, "More Democrats voted for this 'historic conservative victory' than Republicans. What a joke."
Ahead of Wednesday's vote, Republicans urged their colleagues to vote against the bill.
"Tomorrow's bill is a bunch of fake news and fake talking points that will do nothing to rein in out-of-control federal spending," said Rep. Lauren Boebert (R-CO) during a press conference with fellow Republicans on the House Freedom Caucus. "If every Republican voted the way that they campaigned, they would vote against tomorrow's bad deal because this is the very thing that we all campaigned to put an end to."
In the end, even though 71 House Republicans voted against the bill, 165 Democrats backed the measure eventually pushing it past the finish line.
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