The Democratic-controlled Senate's bi-partisan compromise won swift approval by 81 votes to 18.
It was sent to the House of Representatives, whose Republican leaders said, begrudgingly, they supported the measure.
The bill, to the dismay of some conservatives, does not include any major provisions pertaining to the health care law. But, with the House a day earlier unable to muster support for an alternate GOP plan, Senate negotiators pushed the new proposal Wednesday afternoon (early Thursday Thailand time).
The text of the plan was released shortly before the Senate started the vote series. As the votes began, the White House released a statement saying the president would support the bill.
After the Senate and House approve the bill, it will go to President Barack Obama for his signature - and put an end, for now, to the showdown that has kept the government partly shuttered for more than two weeks.
Putting additional pressure on lawmakers to reach an agreement, Congress was facing a Thursday deadline to raise the debt ceiling.