The U.S. Senate passed a two-year budget deal early Friday morning that raises funding levels and suspends the nation's debt limit until March 2017. The approval of the bipartisan bill also prevents a U.S. default next week and a potential government shutdown in December.

The fiscal bill is expected to be signed by President Barack Obama, now that it has been approved by both legislative bodies of Congress.

The majority of congressional Democrats championed the bill, which increases federal spending for domestic and defense programs by more than $80 billion over the next two years. Many Republicans, on the other hand, argued that the deal contains too much spending.

The bill was approved in a 64-35 vote around 3 a.m. during a rare overnight Senate session, after GOP presidential candidate Sen. Rand Paul of Kentucky tried to filibuster the deal, reports CNN.

In addition to lifting budget caps to boost spending for military and domestic programs, the measure also protects senior citizens from a 52 percent premium hike in Medicare next year, reports The Hill. Social Security's disability trust fund also received a cash infusion as well.

One way that the increased spending will be offset is through changes in the Social Security system, which are designed to save $168 billion in the long-term. The budget deal will also be funded by the health care sector, since it includes a 2 percent cut in Medicare provider payments and prevents hospitals from using certain mechanisms to increase pricier outpatient services that are covered by Medicare.

"It's not perfect...no legislation is," Senate Minority Leader Harry Reid, D-Colo., said, according to USA Today. "But this budget agreement accomplishes two major priorities that Democrats have long supported: It promotes economic growth by providing relief from ... damaging cuts for two years. And it ensures that we invest equally in the middle class and the Pentagon."

Sen. Pat Toomey, R-Penn., blasted the deal, saying that it "fails to address our overspending problem."

Likewise, Sen. Ted Cruz, R-Texas, who is running in the 2016 Republican presidential race, said the deal gives Obama a "diamond-encrusted, glow-in-the-dark AmEx card."

"And it has a special feature," Cruz continued. "The president gets to spend it now, and they don't even send him the bill. They send the bill to your kids and my kids. It's a pretty nifty card. You don't have to pay for it. You get to spend it and it's somebody else's problem."