The measure, which will keep the government running through Dec. 3 and fund programs at this year's levels, isn't expected to include any of the $20 billion in requests made by the Obama administration.
The continuing resolution reduces overall funding by $9 billion, according to a draft summary released Tuesday afternoon by Senate Democrats.
In order to avoid a government shutdown, lawmakers need to clear the legislation before the new fiscal year begins Oct. 1.
The continuing resolution is a target for additional spending because it is probably the last bill that will be approved by Congress before the elections.
The Obama administration asked lawmakers to include about $20 billion for Pell Grants, the cash-strapped Postal Service and the implementation of the healthcare and financial regulation reform bills.
Early Tuesday, the Senate voted 84-14 to end debate and move forward on the stopgap spending measure after lawmakers reached a bipartisan agreement to keep extra projects out of the measure.