The U.S. House of Representatives voted on Wednesday to raise the 12.1-trillion national debt limit by 290 billion U.S. dollars.

House lawmakers approved the small increase in the debt ceiling by a narrow margin of 218-214. Not a single Republican lawmakers voted for the measure.

Many Republicans argued that increasing the debt ceiling was giving the Democratic majority and the Obama administration a license to spend more money.

As of Tuesday, the amount of debt on Treasury's books was 12. 016 trillion. If the debt ceiling isn't increased by the end of this year, the nation could default on its debt.

That would unleash a chain of events that could devalue U.S. bonds and seriously harm the U.S. reputation with creditors around the world, according to U.S. media.

The deficit for the 2009 fiscal year, which ended on Sept. 30, set an all-time record in dollar terms of 1.42 trillion dollars, tripled last year's record.

Some lawmakers believe that the federal deficit would be unsustainable if the government did not impose fiscal discipline.

"We should not be asking for more credit, we should be developing a plan to pay down our deficit so that future generations are not trapped under this mountain of debt," said Republican Representative Dave Camp.