The House has approved the measure brokered by the White House and congressional leaders to raise the federal borrowing limit and avoid a default on the national debt. The deal includes no new tax revenue from wealthy Americans and will provide no additional stimulus for the lagging economy. A new joint congressional committee will be mandated to oversee cuts of more than $2.1 trillion in government spending over 10 years, with automatic reductions in place should Congress reject the panel’s proposals. Sixty-six Republicans and 95 Democrats voted against the deal. House Minority Leader Nancy Pelosi said she reluctantly gave her support.

House Minority Leader Nancy Pelosi: “It’s hard to believe that we are putting our best foot forward with the legislation that comes before us today. I’m not happy with it, but I’m proud of some of the accomplishments contained in it, and that’s why I am voting for it.”

The vote came just hours before a Department of Treasury deadline that potentially would have seen the United States run out of cash and default for the first time in its history. The bill is expected to be approved by the Senate and signed into law by President Obama today.