The Senate voted Thursday to suspend the debt ceiling for the next three-and-a-half months.
The bill passed by a margin of 64 to 34.
It lets the government keep borrowing money until May 19.
Experts say that will allow the government to pay its bills, including social security benefits and worker salaries.
The GOP-led House also approved the measure last week without Republicans forcing the spending cuts they originally called for.
The bill does, however, require that both chambers of Congress pass a budget by mid-April or have their pay withheld.
The bill now goes to President Barack Obama, who has said he will sign it.