(NewsNation) — The Republican-led House passed a bill Wednesday that raises the debt ceiling while also cutting government spending.

Rep. Bob Good of Virginia says the legislation is a “big step” in promoting fiscal responsibility.

“I don’t think it’s a cause for celebration, but it’s a cause to be encouraged that members of Congress are doing something historic,” he said in an interview with “The Hill on NewsNation” after he voted on the House floor. “We haven’t had meaningful spending reforms like this and cuts in decades.”

The bill is likely dead on arrival in the Senate, and President Joe Biden has said he opposes spending cuts in exchange for raising the debt limit.

Biden said Wednesday he would be willing to negotiate with House Speaker Kevin McCarthy, but not let America default on its obligations.

“Happy to meet with McCarthy, but not on whether or not the debt limit gets extended,” Biden said. “That’s not negotiable.”

In exchange for raising the debt limit by $1.5 trillion into 2024, the bill would roll back overall federal spending and:

• Claw back unspent COVID-19 funds.
• Impose tougher work requirements for recipients of food stamps and other government aid
• Halt Biden’s plans to forgive up to $20,000 in student loans
• End many of the landmark renewable energy tax breaks Biden signed into law last year. It would tack on a sweeping Republican bill to boost oil, gas and coal production

“This is just our first bite at the apple. We’ve changed the narrative. It’s not if we’re cutting, but how much we’re cutting,” Good said. “It’s not whether or not Republicans will do the right thing, it’s just how we’re going to do it, what the best strategy is to put us on a path of fiscal responsibility, and today’s a big step.”

The Associated Press contributed to this report.