We now move into the next phase of the US government's bid to reach a new debt ceiling deal.

Following the House of Representatives passing the debt ceiling bill last night with a strong majority, it must now pass the Senate in a final vote.

If it passes, it goes to President Joe Biden's desk to sign into law.

There are politicians on both sides planning to vote no, but party leaders in the Senate are confident they have enough votes.

The Senate will first vote on 11 amendments, for 10 minutes each, before we expect a final vote. If any amendment passes, the entire bill goes back to the House. The US only has until Monday to pass a bill avoiding a default on the country's debt.

Stay with us for live updates and analysis throughout.

With tonight's vote over, this bill now passes to the US Senate for final approval before President Biden signs it into law.

You can read more about how the vote unfolded here.

Today's editor was Marianna Brady. The writers were Sam Cabral, Oliver Slow, Malu Cursino and Sam Hancock. Nomia Iqbal and Jessica Parker reported from Capitol Hill.

As we've been reporting, the Fiscal Responsibility Act - otherwise known as the debt ceiling bill - has been passed by the House of Representatives, from where it will move to the Senate for a final vote.

This evening's development will be a major relief for those worried that failure to pass the act would have led to the US government running out of money and defaulting on its $31.4tb (£25tb) in debt.

Such an outcome would have had a devastating impact on both the domestic and global economies.

At home, it would have meant the government could not pay the salaries of federal and military employees, while Social Security cheques – payments that millions of pensioners rely on – would stop.

This would have shaken investor confidence in the US market, and with the country being such a major global economic player, would certainly have had a knock-on effect on global markets.

Expect many fingers to be crossed for the bill to be passed smoothly when it goes to the Senate later this week.

Sam Cabral
US reporter

Approval in the House is a huge step forward - but it is not the end of this process.

The bipartisan debt ceiling agreement is now headed to the 100-member Senate.

Unlike the House, the Senate is controlled by Democrats, albeit by a one-seat majority.

One conservative Republican, Mike Lee of Utah, has threatened to use "every procedural tool" to slow consideration of the bill.

Lee and other recalcitrant Republicans may be mollified if Senate leadership allows the chamber to vote on changes to the deal.

But Senate Majority Leader Chuck Schumer has said he would like to fast-track this bill without allowing amendments - which, if passed, would require it being sent back to the House once again.

Add to that the fact we could see other defections, including from left-wing Senator Bernie Sanders, who said today he cannot "in good conscience" support the measure.

Monday is the day the US government will hit its borrowing limit - and Senate leadership will be hoping they can get this bill over the line by Friday for President Joe Biden to sign into law at the weekend.

Nomia Iqbal
Reporting from Capitol Hill

If you needed any proof the debt ceiling has turned into a political theatre, just listen to the remarks by certain Republicans before the vote.

They took a huge victory lap in the chamber with House Speaker Kevin McCarthy claiming the deal he negotiated with the president is the largest savings ever in American history. It isn’t.

And he blamed Biden for not joining the negotiating table earlier.

For McCarthy, this is about saving face. The Republican's political reputation and role as House Speaker is on the line.

Remember, it took him 15 rounds of voting to even get the job back in January.

If McCarthy had taken the podium today and said that Democrats got what they wanted out of the deal, it would have made it near impossible for him to sell it to many Republicans.

He needed to show that he can get the deal done but also satisfy the demands of the more ultra-conservative Republican members of the House.

The votes on the bipartisan debt ceiling bill are now in. The final count is 314-117.

It heads to the Senate for a vote.

Only a simple majority was required to pass this bill through the House of Representatives. That is 218 of the 435 lawmakers.

The yes votes have now passed that.

We're still waiting for the votes to be officially counted, but it looks like this bipartisan agreement is now headed to the Senate.

Members have 15 minutes to cast their votes.

Leaders in the House of Representatives allotted an hour of debate on this bill ahead of the vote.

That hour has now passed - and Democrats and Republicans have just finished delivering speeches on the House floor.

A vote will now take place.

Sam Cabral
US reporter

Image source, Getty Images

In his speech on the House floor a few minutes ago, Republican Speaker Kevin McCarthy took a dig at President Joe Biden for not coming to the table earlier to negotiate on the debt ceiling bill.

In April, congressional Republicans put forward a bill that raised the debt ceiling in exchange for significant spending cuts.

That proposal was pared down in negotiations with the Democratic administration in the White House, but McCarthy still claims victory on several fronts.

He touted the bill's successes for Republicans in his speech - from "structural reforms" to clawing back unspent pandemic funds.

He also signalled that he is confident the bill has the votes it needs to pass tonight.

"I'm an optimist," he said. "I watched division in this House, but tonight we might come together and do something very big for this country."

"Don't mistake this as the solution. It's the beginning."

Natalie Sherman
US business reporter

Also known as the debt limit, this is a law that limits the total amount of money the government can borrow to pay its bills.

This includes paying for federal employees, the military, Social Security and Medicare, as well as interest on the national debt and tax refunds. Every so often US Congress votes to raise or suspend the ceiling so it can borrow more.

The cap currently stands at roughly $31.4tn (£25.2tn). That limit was breached in January, but the Treasury Department used "extraordinary measures" to provide the government with more cash while it figured out what to do.

Usually it's a formality for Congress to raise the limit as needed, but this time it took awhile to agree on the terms. The debt ceiling has been raised 78 times since 1960.

Treasury Secretary Janet Yellen has warned that without more borrowing, the US will not have enough money to meet all of its financial obligations as soon as 5 June.

The debt bill must pass the House of Representatives and then the Senate to meet that deadline.

Sam Cabral
US reporter

Image source, Getty Images

It has not been easy getting to this stage. For Kevin McCarthy, getting this bill passed may in fact spell trouble.

McCarthy led debt ceiling negotiations with the White House on behalf of all congressional Republicans, but many of his members are very unhappy with the agreement he reached.

You may recall that back in January it took an unprecedented five days and 15 rounds of voting by House Republicans until the California lawmaker was elected Speaker.

His speakership only came about in part due to major concessions McCarthy made to the right-wing flank of his party, including members of the ultra-conservative House Freedom Caucus.

Several of those lawmakers have indicated they will not support the debt deal he inked, revealing that it violates promises McCarthy made to get their vote for Speaker.

Chip Roy of Texas told reporters on Tuesday that there is "going to be a reckoning for what just occurred unless we stop this bill", a blunt warning to McCarthy as party leader.

One concession McCarthy made in January was to lower the threshold needed for a challenge to his speakership. If this bill passes, the Speaker may be facing a mutiny.

But while hard-line Republicans may grumble, it is not clear they actually have the support to replace McCarthy or even have any idea who they would replace him with.

Jessica Parker
Reporting from Capitol Hill

Missouri Democrat Emanuel Cleaver says he’ll be voting yes to tonight’s bill but with little enthusiasm.

He described the deal, negotiated between Republicans and the White House, as the “second serving of Satan’s sandwiches” but that Congress couldn’t allow an “economic cataclysm” by defaulting on the country's debt.

Meanwhile, South Carolina Republican Nancy Mace told the BBC she’s voting no tonight and that she’s deeply disappointed by the outcome of the talks.

“Republicans didn’t get anything out of this,” she said.

She described the warning of a 5 June default as a “scare tactic”.

Mace said she’s sure Janet Yellen, the US Treasury Secretary, “could find a couple of buckets of money to move it around and find a way to extend the time.”

Nomia Iqbal
Reporting from Capitol Hill

Image source, none

Republican Speaker Kevin McCarthy has entered the House chamber for the debate.

As he walked by us, he didn't answer any of our questions.

He was smiling and appeared very confident that he would have the votes tonight to pass the bill.

He has now walked to the podium and is addressing the body.

"Tonight we are going to do something we haven't done before - tonight we are going to give America hope. Tonight we are going to vote for the largest savings in American history," he says.

If you're just joining us, the House started an hour of debate on the debt ceiling deal at 19:15 local time (23:15 BST).

The House is scheduled to begin voting at 20:30 local time, in just under an hour.

If they pass the bill it gets sent to the Senate for another vote.

Lawmakers have until 5 June to pass a debt limit bill or the US will default on its debt.

Jessica Parker
Reporting from Capitol Hill

One of the lead negotiators on this debt ceiling deal, from the Republican side, says the bill is a step towards bringing “fiscal sanity” to Washington DC.

Wearing his trademark bowtie, Congressman Patrick McHenry spoke to us and other reporters just outside the speaker’s office in the US Capitol.

He pointed to conservative “wins” in the deal such as fresh work requirements on social welfare programmes; a measure that’s sparked deep concern amongst some Democrats.

McHenry conceded there are Republicans who believe the deal has failed to deliver sufficient spending limits but added, “The cold hard facts are we have a Democrat Senate and Democrat in the White House.”

When I asked him for his reaction to one Republican Congressman calling the agreement a “turd sandwich”, he replied: “Well, it’s for them to eat.”

Image source, Getty Images

After weeks of difficult negotiations, House Speaker Kevin McCarthy and President Joe Biden brokered a bipartisan debt limit agreement over the weekend.

After passing Congress, the deal will allow the United States to continue paying its bills.

If the debt ceiling (or borrowing limit) isn't raised, the government will run out of money and default on its $31.4tn (£25tn) in debt. This would have a catastrophic effect on global markets.

Lawmakers in the House of Representatives are now debating the bill.

The measure has been described by both Republicans and Democrats as a "compromise" because neither party is completely happy with its contents.

Both Biden, a Democrat, and McCarthy, a Republican, are facing backlash from members of their parties.

The right flank of the Republican Party believes too few concessions were secured in exchange for raising the ceiling, while left-wing Democrats object to provisions that cut funding to vital government aid programmes and restart student loan repayments.

Despite the opposition, Biden and McCarthy say they are confident they have enough support to pass the measure.

A vote on the bill will be held after debate ends in one hour.

We now move into the next phase of the US government's bid to reach a new debt ceiling deal.

Following last night's hearing of the Rules Committee, the bill advanced to the floor of the House of Representatives for an initial vote this evening.

If it passes that, it'll go to the Senate for a final vote on Friday.

There are politicians on both sides planning to vote no, but President Joe Biden and Speaker Kevin McCarthy - who agreed the bipartisan deal - are confident they have enough votes.

The House debate is ongoing and we're expecting the vote at 20:30 local time (01:30 BST).

Stay with us for live updates and analysis throughout, including from our reporters on Capitol Hill.

Image source, Reuters

We're now pausing our live coverage on the debt ceiling deal, which was brokered by US President Joe Biden and House Speaker Kevin McCarthy over the weekend.

The Rules Committee is discussing the deal at length this evening on Capitol Hill. It must pass through the committee in order to be sent for a full vote on the House floor.

If it passes the committee tonight, Congress will vote on the contentious bill on Wednesday, with politicians on both sides of the aisle planning to vote no. But both Biden and McCarthy are confident they have enough votes.

As things stand, the US has $31.4tn (£25.2tn) debt and many worry the country could be left unable to pay its bills if the borrowing limit is not raised by 5 June.

McCarthy's leadership is also on the line, as Republican Chip Roy threatened to "regroup and figure out the whole leadership arrangement again" if the bill is not scrapped.

Until then, today's page was edited by Marianna Brady, Brandon Livesay and Sam Hancock. The writers were Juan Benn Jr, Gabriella Pomeroy, Jamie Whitehead and Malu Cursino. Sam Cabral has been reporting from Capitol Hill.

Sam Cabral
Reporting from Capitol Hill

The House Rules Committee is still debating and has yet to vote, but with Congressman Thomas Massie's promised yes vote, it looks like the debt ceiling bill will advance.

That means the bill will head to the House floor, where it is due to receive a vote tomorrow.

Democratic leader Hakeem Jeffries said earlier that he hopes Republicans will put up at least 150 of the votes needed to get this measure across the line.

As things stand, however, it looks likely that several lawmakers to the left of the Democratic Party and to the right of the Republican Party will not vote for this measure.

There's more to come tomorrow. And tonight, the rules committee will still have to debate dozens of amendments that have been put forth for consideration.