But some moderate Republicans like Representative Michael N. Castle of Delaware are against this legislation because of the additional borrowing that would be required.
He also said the additional borrowing would "easily be absorbed by our capital markets".
In a statement, the chief executive, Richard D. Parsons, said paying cash was better for shareholders, despite the additional borrowing.
One possible solution is to require universities to underwrite the repayment rates on the additional borrowing over £9,000.
The Senate, with a Democratic majority, is all but certain not to oppose the additional borrowing authority.
Councils may also have to meet tough criteria to achieve the additional borrowing capacity: demonstrating acute housing need, for example, or committing to estate improvement and development targets.
The annual bill to German taxpayers of the additional borrowing costs could eventually reach 1.9% of German GDP, according to Kai Carstensen of the Ifo Institute for Economic Research in Munich.
Several members of the board said Friday that although the additional borrowing was not ideal, they had no choice but to approve the plan because $62 million had already been spent on the project.
By contrast, the additional borrowing that would take place if Labour wins this year's election could amount to around £170 billion of extra debt by 2030, according to the Institute for Fiscal Studies.
