The Republican-led House shoved through a bill raising the nation’s $31.4 trillion debt limit—while also slashing spending and dismantling large parts of President Joe Biden’s agenda on Wednesday. The chamber voted 217-215 after GOP leaders agreed to make several 11th-hour concessions on the proposal. Its passage marks a victory for Speaker of the House Kevin McCarthy (R), albeit a largely symbolic one, as it is not expected to survive the Democratic-controlled Senate. Biden, whose climate provisions and student debt policies are savaged in the bill, also threatened to veto the legislation should it reach his desk. Senate Majority Leader Chuck Schumer (D) said on the chamber floor Wednesday that the measures were “dead on arrival,” adding that “time is running out” to avoid catastrophe. McCarthy seemed pleased with the day’s outcome, however, telling reporters, “We lifted the debt limit; we’ve sent it to the Senate; we’ve done our job.”