A bipartisan bill to raise the $31.4trn US debt ceiling into 2025 would also streamline federal environmental reviews for large infrastructure projects, helping reduce development costs and facilitate the country’s energy transition.

The House of Representatives on Wednesday passed the measure 314-117, sending it to the Senate where Majority Leader Charles Schumer promised to work with top opposition Republican to fast-track a vote before Monday to avoid a federal government default. Raising the debt limit will enable the US Treasury to borrow to pay existing spending obligations.