WASHINGTON, May 30 Reuters Legislation brokered by President Joe Biden and House Speaker Kevin McCarthy to lift the 31.4 trillion U.S. debt ceiling and achieve new federal spending cuts passed an important hurdle late on Tuesday, advancing to the full House of Representatives for debate and an expected vote on passage on Wednesday.

The House Rules Committee voted 76 to approve the rules allowing debate by the full chamber. Two committee Republicans, Representatives Chip Roy and Ralph Norman, bucked their leadership by opposing the bill.

That vote underscored the need for Democrats to help pass the measure in the House, which is controlled by Republicans with a narrow 222213 majority.

House passage would send the bill to the Senate. The measure needs congressional approval before June 5, when the Treasury Department could run out of funds to pay its debts for the first time in U.S. history.

If the Treasury Department cannot cover make all its payments, or if it was forced to prioritize payments, that could trigger economic chaos in the U.S. and global economies.

Biden and McCarthy have predicted they will get enough votes to pass the 99page bill into law before the June 5 deadline.

The nonpartisan budget scorekeeper for Congress on Tuesday said the legislation would reduce spending from its current projections by 1.5 trillion over 10 years beginning in 2024.

The Congressional Budget Office also said the measure, if enacted into law, would reduce interest on the…