But the sensitive issue of immigration - which has been mired in congressional gridlock for weeks as lawmakers and the White House negotiate over the fate of millions of undocumented migrants - is not expected to be in the latest compromise agreement.
The deal eliminates the civilian and military sequester for two years, increasing the Pentagon funding by $80 billion and domestic spending by $63 billion for the fiscal year 2018, NPR reported citing congressional sources.
"The budget deal does not have everything Democrats want, it does not have everything the Republicans want, but it has a great deal of what the American people want", Schumer said in his speech on the House Floor.
The budget agreement "does not have my support, nor does it have the support of a large number of members of our caucus", Pelosi said, as reported by AP.
"I'm heartened that Congress recognizes the sobering effect of budgetary uncertainty on America's military and on the men and women who provide for our nation's defense", Mattis said during the White House briefing.
Experts urge calm during wild ride on Wall Street
Australian shares dropped 3.0 per cent to their lowest level since October while South Korean shares dropped 2.0 per cent. In the Middle East, stocks were touched by the USA and Asian markets' sell-off, though the losses were more limited.
The defense-first strategy from Speaker Paul Ryan (R-Wis.) was created to win over support from conservative hard-liners and defense hawks in the House GOP conference who were threatening to oppose the stopgap bill - the fifth temporary funding patch since September. "I'm against adding over $1 trillion of debt", Paul said.
McConnell also highlighted the funding for fighting opioid abuse and disaster aid, along with assurances on transportation and infrastructure, which he called a bipartisan priority.
Congress has until midnight to pass some sort of a budget deal or risk a second government shutdown this year.
Here's the teaser trailer for Venom, starring Tom Hardy
All in all, it's an intriguing teaser , but if I had no idea who Venom was, I wouldn't be sure what they were trying to sell me. Now he's crossed over to the rival Marvel universe to play Venom in the much-anticipated spinoff of the "Spider-Man" franchise.
After a three-day partial shutdown of the government last month, Senate Democrats ultimately backed down on their demands to tie negotiations to a fix for the Deferred Action for Childhood Arrivals (DACA) program.
Ryan said he supports the agreement, adding the proposal includes "enormous strides" for the country's defense system.
At the same time, many liberal Democrats wanted to withhold their support as leverage to win concessions on immigration policy. "I want to thank my friend the Democratic Leader for joining me this afternoon, and for the productive discussions that generated this proposal", McConnell, standing alongside Senate Minority Leader Chuck Schumer, said on the Senate floor Wednesday.
"We have reached the budget deal that neither side loves but both sides can be proud of", he said.
During the White House event targeted on criminal threats raised by few immigrants, USA president, Donald Trump stated that, "I'd love to see a shutdown if we don't get this stuff taken care of".
Former Uber CEO Travis Kalanick takes stand in trade secrets trial
Kalanick is the sixth witness Waymo has called since Monday, when a 10-person jury heard opening statements in the case. Bares said the company was burning through about $20 million a month trying to develop reliable autonomous vehicles.
- Senate leaders announce 2-year budget deal to avoid government shutdown
- Crude Oil Tumbles Along With Global Stocks
- Winter Weather Advisory Issued from 4 pm to Midnight Monday
- Snapchat stock soars 20% after ending losing streak
- Dow Jones suffers worst loss in six years
- Winter Olympics | 60 Russian athletes appeal to CAS for ban reduction
- Tottenham Hotspur vs Newport County, FA Cup replay
- Missouri football's official Twitter account suspended on National Signing Day
- MVP Foles outshines Patriots' Brady with 'Philly Special'
- Twitter shares open higher after reporting first ever profit