House Democrats were evenly split on the bill - 95 for and 95 against - while 174 Republicans voted for the measure and 66 opposed.

The legislation must now be passed by the Senate and approved by President Barack Obama to become law.

The bill raises the debt limit by up to US$2.4 trillion from US$14.3 trillion, making savings of at least US$2.1 trillion in 10 years.

In a key point for President Obama, the bill would raise the debt ceiling into 2013 - meaning he would not face another showdown with Congress on spending in the middle of his re-election campaign next year.

The compromise deal deeply angered both right-wing Republicans and left-wing Democrats.

After months of bitterly partisan deadlock, House Republican and Democratic leaders swung behind the bill on Monday, ratifying a deal sealed the night before with a phone call from House Speaker John Boehner to President Obama.

There were cheers as Congresswoman Gabrielle Giffords made her first appearance on Capitol Hill since she was shot in Tucson in January.