Republicans in the U.S. House of Representatives narrowly passed legislation to raise the nation's debt ceiling.

They voted to raise it by $1.5 trillion in exchange for spending restrictions.  

But President Joe Biden says he will veto the Republican package it if reaches his desk, which is unlikely. 

The White House says the debt ceiling must be lifted with no strings attached.

"Happy to meet with (House Speaker Kevin) McCarthy, but not on whether or not the debt limit gets extended," Biden said. He added the matter is "non-negotiable." 

In January, the U.S. government reached its legal borrowing limit, also known as the debt ceiling, of $31.381 trillion.

The Treasury Department started taking "extraordinary measures" to keep the nation from falling behind on its bills. But those measures are temporary and are expected to last only until summer.

The debt ceiling has been raised roughly 80 times since 1960 and the U.S. has never defaulted on its debt before.

But for a deal to be approved in Congress, it needs to pass the Republican-run House and Democratic-led Senate. 

Democrats say they won't let the Republican package pass. 

"This bill is unacceptable, it's unreasonable, it's unworkable, it's unconscionable — and it's un-American," said House Democratic leader Hakeem Jeffries.

In exchange for raising the debt limit by $1.5 trillion, the Republican legislation would also:

— Cut federal spending
— Cut COVID-19 funds
— Implement tougher work requirements for people using food stamps and government aid
— Stop Biden's plan to forgive billions of dollars in student loans
— End renewable energy tax breaks
— Boost oil, gas and coal production

If the plan were to become law, it would reduce federal deficits by about $4.8 trillion over a decade.

If Congress can't agree on a deal to raise the debt ceiling, the U.S. government won't be able to finance man of its operations, including national defense, Social Security and Medicare. Portions of the economy could also freeze, CNN reports.

Economists estimate millions of jobs could be lost, and interest rates could spike.  
 

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