Just hours after the Senate came to a deal to avoid a financial default and reopen the government after a 16-day partial shutdown, the House followed with a 285 to 144 vote.
President Obama said he would sign the bill as soon as he received it.
Senate passage came several hours after Majority Leader Harry Reid and Minority Leader Mitch McConnell announced the bipartisan compromise.
The bill would reopen the government through Jan. 15 and permit the Treasury to borrow normally through Feb. 7 or perhaps a month longer.
Congress faced a deadline of 11:59 p.m. on Thursday. That's when Treasury Secretary Jacob Lew had said the government would reach the current $16.7 trillion debt limit and could no longer borrow to meet its obligations.
On The Daily Circuit, we'll look at what the deal means for federal spending and the nation's debt.
The Associated Press contributed to this report.