The House on Wednesday night approved a bill to raise the nation's debt ceiling while cutting some government spending over the next two years, in a major victory for both the White House and Republican leaders as the country tip-toes closer to a historic default on its bills.

The final vote was 314-117.

A majority of the GOP conference backed the legislation, with 149 votes, but it was 165 Democrats who helped ensure passage as dozens of conservatives ultimately voted no. Four lawmakers, two Republicans and two Democrats, didn't vote.

The proposal next heads to the Senate, where both Majority Leader Chuck Schumer and Minority Leader Mitch McConnell have said they want to move quickly to approve it -- even as soon as Thursday or Friday.

The deal, brokered between President Joe Biden and House Speaker Kevin McCarthy, would raise the country's $31.4 trillion borrowing limit until January 2025 while setting a broad government budget over the next two years and making some policy changes, such as increasing work requirements on federal food assistance.

Treasury Secretary Janet Yellen has estimated that the government will run out of cash to pay all of its bills by Monday -- the so-called "X-date" for default.

ABC News' Trish Turner contributed to this report.

This is a developing story. Please check back for updates.