"The U.S. government will continue to function," stated Speaker Mike Johnson.

The details of the plan are still unclear, reports Reuters, and it remains uncertain whether Democrats will support it, as their cooperation will be essential for extending government funding and operations after midnight on Friday.

Earlier this week, President-elect Donald Trump rejected a bipartisan plan that proposed maintaining funding at $6.2 trillion per year.

Trump demanded a revision of the document to include a provision for increasing the debt ceiling. The bill was rejected in the House of Representatives, points out Voice of America.

Johnson stated that the new package would include assistance for disaster victims and farmers, as well as ensure federal employee salaries are paid, but he did not provide additional details.

Disputes among lawmakers regarding the debt ceiling are impacting financial markets, as a default by the U.S. government could have ramifications for the global economy.