(CNN) The House of Representatives on Thursday passed a sweeping two-year budget and debt limit deal that would stave off the looming threat of a potential default on US debt and prevent automatic spending cuts to domestic and military funding.

The agreement, negotiated between congressional leaders and the Trump administration, represents a significant bipartisan compromise. While it is facing pushback from some conservatives, it appears to be on track to pass both chambers of Congress and be signed into law by President Donald Trump. It will next go to the Senate, where it is expected to get a vote sometime next week.

The deal suspends the debt limit through July 2021 and sets top-line levels for defense and nondefense spending for the next two fiscal years. It establishes a $1.37 trillion budget agreement in the first year, with $738 billion for defense spending and $632 billion in nondefense spending for fiscal year 2020.

After the House voted to pass the budget and debt limit deal, Republican Rep. Thomas Massie of Kentucky took to the floor in protest, offering an amendment to change the title of the bill to "A bill to kick the can down the road and for other purposes."

The announcement was met with a mixture of boos and applause inside the gallery.

Read More