The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the government's $31.4 trillion debt ceiling that includes sweeping spending cuts over the next decade.

The bill isn't expected to pass the Senate, and U.S. President Joe Biden would veto it if it did — but the mostly partisan 217-215 vote represents a win for Republican House Speaker Kevin McCarthy on an issue that rattled investors and markets.

Now, McCarthy hopes to lure Biden into negotiations on cutting spending, even as the White House and congressional Democrats insist on a debt limit increase with no strings attached.