The US House of Representatives has passed a last-minute deal to avoid a federal debt default. The bill was approved by 269 votes to 161.The legislation must now be passed by the US Congress's upper chamber, the Senate, and approved by President Barack Obama to become law.The package would raise the debt ceiling by up to $2.4 trillion – from $14.3tn – and make budget savings worth a similar amount over 10 years. A new bipartisan commission would allocate $1.5tn of those savings.After weeks of negotiations, the budget plan was struck between the White House and party leaders on Sunday.The deal is expected to be passed by the Senate and signed by President Obama on Tuesday, the same day the US will no longer be able to borrow more funds to pay its bills.The package allows an increase of up to $2.4tn, enough funds to keep the government running past the 2012 presidential election.