But Kevin McCarthy, the Republican speaker of the House of Representatives, has already rejected the proposal by both Republicans and Democrats.
Meanwhile, the House of Representatives, where Republicans have a majority, is set to continue voting on amendments to four appropriation bills that it has no chance of approving.
Congress will have to pass legislation that Democratic President Joe Biden can sign into law by midnight Saturday at 04:00 GMT on Sunday to avoid furloughing hundreds of thousands of federal workers and halting a wide range of services for the fourth time in the past decade.
House Republicans, led by a small far-right group in the chamber they control, rejected spending levels in fiscal year 221 set out in a deal McCarthy negotiated with Biden in May.
The deal included $1.59 trillion in discretionary spending in 2024.House Republicans are demanding another $120 billion in cuts as well as tougher legislation to stem the flow of migrants from the U.S. southern border with Mexico.
The funding battle is focused on a relatively small slice of the $6.4 trillion U.S. budget this fiscal year.
Lawmakers are not considering cuts to social benefit programs such as Social Security and Medicare.
McCarthy faces intense pressure from within the Republican Party to achieve the party's goals, and many Republican members have threatened to fire McCarthy if he passes a spending bill that does not need any Democratic votes to pass.
Biden told a group of donors at a fundraiser in San Francisco on Wednesday: "I think the Speaker of the House is choosing between the presidency of the House and American interests.