WASHINGTON, May 31 (Reuters) - U.S. President Joe Biden on Wednesday welcomed the passage of the debt ceiling bill by the U.S. House of Representatives and urged the Senate to "pass it as quickly as possible" so that he can sign it into law.

"This agreement is good news for the American people and the American economy," Biden said in a statement released by the White House. The House on Wednesday voted 314-117 to send the legislation to the Senate. (Reporting by Kanishka Singh in Washington; editing by Costas Pitas)