The agreement, announced by both the Republican and Democratic leaders of the Senate, would lift caps on defense funding and some domestic government spending.
One day before a threatened US government shutdown, Senate leaders on Wednesday struck a bipartisan deal that would keep the federal government funded for two years but left contentious immigration topics unaddressed.
The deal does not include an increase to the debt ceiling.
The result would be a boost in Pentagon spending of about $80 billion each year beyond what the law allows, rising from $551 billion in fiscal 2017 to $647 billion by fiscal 2019.
After her speech, the House is expected to recess subject to the call of the chair while lawmakers wait for the Senate to act on the continuing resolution.
Rep. Manny Diaz, Jr., R-Hialeah, has said the pieces of HB 7055 have been heard separately in committees and that the budget measure was appropriate because portions of the bill would significantly change the formula for the way per-student funding is calculated, meaning the two are inextricably linked. "You lose the ability to amend because it's an up or down vote on what is in front of the Senator". "It ends the risky sequester and gives Secretary Mattis what he needs to keep America Great".
Puerto Rico Governor Ricardo Rossello said the budget deal will provide the island with US$2 billion in federal funds to rebuild its hurricane-damaged electricity system.
Other federal health programs, including teaching health centers and the National Health Service Corps., would receive $363 million and $495 million in funding appropriations from the budget deal, respectively.
When the agreement between McConnell and Schumer was announced, House Minority Leader Nancy Pelosi neared a four-hour mark for a filibuster opposing the deal over its lack of protection for DACA recipients.
In the Senate, McConnell has pledged to begin an open debate on the Senate floor to see if senators can find 60 votes there on a bipartisan immigration deal to determine the fate of people who were brought to the US illegally as children.
The funding deal was expected to draw opposition from Republican ultra-conservative fiscal hawks and was dismissed beforehand by some Democrats who are demanding congressional action to protect from deportation hundreds of thousands of young undocumented immigrants brought to America as children.
The taps of government spending are open once more - at least if the US Senate gets its way. But both Democratic liberals and GOP tea party forces swung against the plan, raising questions about its chances just a day before the latest government shutdown deadline.
Rep. Chris Collins, R-N.Y., called it a "bitter pill of sorts we are swallowing on the fiscal side" but that military needs overrode deficit concerns.
The House passed a short-term budget deal Tuesday, which is separate from the Senate's agreement.
Senate leaders struck a budget deal on February 7, paving the way for a spending bill to avert another shutdown. Unfortunately, that probably doesn't mean anything since Ryan doesn't need Pelosi's support.