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The emerging agreement sets the stage for a sequel of sorts in December, when Congress will again face pressing deadlines to fund the government and raise the debt limit before heading home for the holidays.

The House is expected to approve the measure following the Senate vote Thursday, preventing a partial government shutdown when the new fiscal year begins Friday.

The federal government faces a shutdown if funding stops on Sept. 30, the end of the fiscal year—midnight next Thursday. Additionally, at some point in October, the U.S. risks defaulting on its accumulated debt load if its borrowing limits are not waived or adjusted.

Congress is rushing into an all-too-familiar stalemate: The government faces a shutdown if funding stops at the end of the fiscal year, Sept. 30. At the same time, the U.S. risks defaulting on its debt load if the borrowing limits are not waived or adjusted.