WASHINGTON - The Senate has reached a budget deal that would set government funding at higher levels for two years for both defense and non-defense spending, Senate Majority Leader Mitch McConnell, R-Kentucky, announced on the Senate floor and on Twitter.

Thanking Minority Leader Sen. Chuck Schumer, D-New York, McConnell tweeted, "I'm happy to announce that our bipartisan, bicameral negotiations on defense spending and other priorities have yielded a significant agreement."

The deal will raise budget caps and prevent the mandatory spending cuts under sequestration from taking effect. 

Lawmakers will also need to vote on a short-term spending bill to avert a shutdown while a longer-term bill that would keep the government funded through the end of the fiscal year in September. 

House Minority Leader Rep. Nancy Pelosi, D-California opposes this plan. She has been speaking on the House floor for hours, since about 10 a.m. ET Wednesday, to demand a commitment from House Speaker Paul Ryan, R-Wisconsin, on bringing immigration legislation to the House floor. 

"I am taking this time because I think we have an opportunity now that is almost matchless we are in a moment when we can all come together to do something really good for the country," Pelosi said. "Take an action that has bipartisan support."

She is asking for a commitment similar to that made by McConnell. He promised that if the government did not shut down this week, that he would allow immigration debate on the floor to begin. 

"I'm going to structure in such a way that's fair to everyone," he told reporters Tuesday, adding, "Whoever gets to 60 wins," in reference to the threshold necessary to advance a measure in the Senate.

Ryan has said he will only put a bill on the floor if he knows it has the president's and the House majority's support. 

Pelosi is filling time on the floor with stories of Dreamers, provided by other lawmakers. She's gone far beyond the usual one-minute speeches House lawmakers customarily make, but she has the privilege of speaking longer because of her leadership role.

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