Rep. Paul Ryan told reporters he intended to unveil a budget deal Tuesday night, NBC and other media reported. A press conference is slated for 6 p.m.
As the House Budget chairman Ryan has been part of a bipartisan committee negotiating a budget agreement in the wake of the government shutdown and debt ceiling fight earlier this year.
He and Sen. Patty Murray have led those talks.
Congressional aides said earlier Tuesday that a deal could be forthcoming.
Officials said that under the emerging agreement, an estimated $65 billion in automatic spending cuts would be restored through the end of the next budget year, which runs to Sept. 30, 2015.
The increases would be offset by a variety of spending reductions and increased fees elsewhere in the budget totaling about $85 billion over a decade, enough for a largely symbolic $20 billion cut in the nation's $17 trillion debt.
Among them is a requirement for federal workers to make larger contributions to their own pensions, as well as an increase in a federal security fee that would add $5 to the cost of a typical roundtrip flight.
It appeared Democrats would fail in their bid to include an extension of benefits for workers unemployed longer than 26 weeks. The program expires on Dec. 28, when payments will be cut off for an estimated 1.3 million individuals.
—By CNBC with The Associated Press