Senator Majority Leader Harry Reid announced the measure contains tax cuts for 95 percent of working Americans.
The final cost of the measure is $789 billion; less than earlier versions passed separately by each chamber.
The legislation appropriates about $150 billion for infrastructure including transportation and environmental projects.
Lawmakers say $3.5 million jobs will be created while the 50 states will receive billions of dollars to close their budget gaps.
Reid told a Capitol Hill news conference an early vote on the compromise legislation could come as early as tomorrow.