The legislation would allow the Obama administration to provide loan guarantees to Ukraine.
Senate Republicans questioned the level of the Obama administration’s tax hikes proposed in its fiscal 2015 budget, arguing that they could sap energy from economic growth.
Sen. Rob Portman (R-Ohio) expressed concern that the "steep tax increases" on investment income could weigh down economic growth and negate the benefit of $71 billion in additional revenue.
New Senate Finance Committee Chairman Ron Wyden (D-Ore.) said his panel is looking down many economic avenues to convince Russia to step back from its move into Crimea.
In his first hearing as the head of the committee, Wyden said his committee is "now looking at every possible economic lever to pressure Russia to step back from its unprovoked incursion into Crimea."
Hagel reportedly will unveil the plan Monday in his 2015 budget for the Pentagon.
Transportation Secretary Anthony Foxx said Thursday that lawmakers should stop focusing on trying to refill the trust fund that pays for road and transit projects.
Instead, Foxx said in a speech to the U.S. Chamber of Commerce, lawmakers should train their efforts on coming up with a new funding source for transportation projects altogether.
"For years, our national dialogue has focused on how to get the Highway Trust Fund leveled off," Foxx said. "To translate that into business terms, we’ve been trying to reach the same level of sales revenue and expenditures as the last year instead of growing revenue and expenditures to meet customer demand."
The new fund is separate from the climate change agenda announced in June.
Amtrak CEO Joe Boardman pushed Congress on Wednesday to stop dodging an increase in transportation funding he said was obviously necessary.
In a statement released after a Senate committee held a hearing on reauthorizing the federal transportation bill that is scheduled to expire in September, Boardman said lawmakers has been appropriating just enough transportation funding to get by in recent years.
Business and labor groups do not typically agree on much, but they came together on Wednesday to push Congress to increase the tax that is paid by drivers on each gallon of gasoline they purchase.
The House voted Tuesday to advance GOP legislation to suspend the debt ceiling for 13 months, although dozens of Republicans voted against their leadership because the bill fails to make any offsetting cuts to federal spending.
Rep. Tom Petri (R-Wis.) says an increase in the 18.4 cents per gallon tax is on the table.