HARRISBURG — Gov. Tom Corbett will sign legislation authorizing $4.5 billion in borrowing — one of the largest such issuances in the state’s history, if not the largest — to retire an unemployment compensation debt left over from the recession that businesses owe to the federal government.

The GOP-penned bill cleared its final hurdle Wednesday, getting approval from the state House of Representatives, 129-67, with every Republican and some Democrats in favor.

Issuing bonds is designed to lower the interest expense for businesses that are on the hook to repay the nearly $4 billion debt. But opponents, including Democratic leaders, criticized other provisions in the bill that they said would stabilize Pennsylvania’s unemployment compensation trust fund on the backs of employees, but not employers.

Corbett will sign the bill sometime next week, his spokesman said.

“This debt created an escalating per-employee tax and was threatening Pennsylvania jobs,” Corbett said in a statement. As a result of the bill, he added, “employers will not have to worry about unpredictable repayment costs and solvency will be restored to the trust fund.”

The bill passed the Senate on Tuesday after several months of behind-the-scenes negotiations. A different version of the bill passed both chambers last year.

During House debate, supporters portrayed the legislation as a compromise that will save employers money and preserve benefits for 90 percent of the workers who are currently eligible.