Senate Majority Leader Mitch McConnell, R-Ky, announced the deal Tuesday on the Senate floor. He said negotiators were able to find only enough funds to pay for transportation programs for the first three years of the bill.
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The measure was negotiated primarily by McConnell and Sen. Barbara Boxer, D-Calif.
Senate Minority Leader Harry Reid, D-Nev., said Democratic leaders must first see a copy of the legislation and then discuss it with their members.
Both parties were scheduled to discuss the bill at separate luncheons. McConnell moved a vote on proceeding to the bill to later in the day.
Congress is facing a July 31 deadline to act.