Senate Majority Leader Harry Reid (D-Nev.) announced the upper chamber will vote on the debt-ceiling compromise at noon Tuesday.
The House passed the bill 269-161 Monday evening. The deadline for extending the debt ceiling is Tuesday.
The deal, reached Sunday by Obama and congressional leaders, would cut nearly $1 trillion in planned spending over 10 years and create a bicameral committee tasked with finding another $1.5 trillion in cuts in exchange for raising the debt ceiling by $900 billion over the next few months, then by another $1.5 trillion early next year.
The Senate adjourned at 7:47 p.m. on Monday and is set reconvene for debate on the legislation at 9:30 a.m. on Tuesday.