The third stimulus bill, which will be the first stimulus package since the financial crisis, contains $1.2 trillion of new stimulus money for the US economy, and $500 billion in spending cuts for the federal government.
The bill is also expected to bring the US government closer to a debt-free fiscal outlook.
A bipartisan package of $2.2tn of stimulus funds was passed last week by the House of Representatives, and it has been endorsed by President Barack Obama.
On Tuesday, Obama said the bill included $600 billion in new funding for schools, infrastructure, energy and the economy.
“I think we have a bipartisan agreement that the stimulus package is needed to rebuild our economy and boost our economy.
I think we also have a consensus that the time has come to cut back spending,” Obama said.”
And that is the way to fix our country.”
A number of Democrats and Republican lawmakers have said they will oppose the legislation, which has become a rallying cry among Republicans.
In a letter to Congress, Democratic Representative John Delaney wrote that the bill “would make the US look bad on the international stage, and make the American economy look bad at home”.
Delaney added that it would hurt the economy by creating jobs and spur investments that would boost the economy, but he added: “The United States must be ready to provide the aid necessary to keep the lights on, and not just pay for the goods and services we already provide.”
The White House is expected to make a decision on the bill on Thursday, and Congress has until Tuesday to act.