Republican Sen. Mike Lee voiced strong opposition to the debt bill that passed in the House Wednesday, arguing it doesn't accomplish what advocates have claimed. On "Fox & Friends" Thursday, Lee assured viewers the U.S. is "nowhere close" to a default and said senators need to stop the current iteration and improve the bill. 

HOUSE PASSES MCCARTHY-BIDEN DEBT CEILING DEAL, SENDS TO SENATE FIVE DAYS BEFORE FUNDING CRUNCH

SEN. MIKE LEE: Americans are experiencing crushing inflation. Utah families are shelling out an additional thousand dollars a month every month relative to the first day of the Biden administration because of this crushing inflation. So last fall, the American people spoke, and they elected a Republican House of Representatives, hoping, expecting, demanding that we turn this ship around and do so quickly. We should have, could have and would have been able to use that leverage had we stood our ground. This was a capitulation.
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We're not going to default. We're nowhere close to a default. That's not going to happen. A lot of people disagree with Janet Yellen as to June 5th being the date. Even if it were, it's just days away from the moment when the quarterly tax receipts in mid-June will be arriving, putting us in a position where we would be most likely able to function without any new debt issuance and until probably mid to late July. Now, I don't recommend we wait that long. I've been saying since January we should get on this now, but that doesn't mean we should pass this just because this happens to be on the table. Just because it's here, doesn't mean it's the right thing to do. This thing doesn't do what they claimed that it does, and that's my biggest problem with it. And it puts the American people in a very disadvantageous position relative to their government. We need to try to stop it. We need to try to improve it. And if we can't improve it, go back to the drawing board.

The House passed legislation late Wednesday to implement the debt ceiling agreement negotiated between President Biden and House Speaker Kevin McCarthy, putting Congress on track to allow more borrowing just days before the government is expected to run out of money.

The bill passed in a 314-117 vote that saw majorities in both parties support the agreement, which also meets the GOP demand of cutting nondefense discretionary spending over the next two years. Republicans supported the bill by a 149-71 margin, and Democrats supported it 165-46.

Democrats took credit for helping get the bill across the finish line. Earlier in the day, 52 Democrats made the rare move of voting with Republicans in a procedural vote to keep the bill alive.

The House vote sends the bill to the Senate, where Majority Leader Chuck Schumer promised earlier in the day it would hit the floor "as soon as possible." That vote is expected to take place this week, barring any objections from senators to moving quickly.

Fox News' Elizabeth Elkind contributed to this report.