The bipartisan deal struck late Friday falls short of the House Republican campaign pledge to cut $100 billion in fiscal 2011 spending.
The pact cuts $78.5 billion when compared to President Obama's fiscal 2011 budget request, which was never enacted.
Comparatively, the accord cuts $39 billion in actual spending, which is $22 billion less than bill the House passed in February.
In a brief interview, Speaker John Boehner (R-Ohio) told The Hill the agreement was "as good a deal as we could get."
Rep. Jim Jordan (R-Ohio), chairman of the Republican Study Committee, said he expects "significant" opposition from conservatives, both to the short-term fix and the long-term spending bill. He said he will vote against both.