The Senate was poised to clear a bipartisan two-year budget deal that would increase spending limits and avert a damaging default, essentially ending the budgetary battles that have defined President Obama’s relationship with Congresss.

The vote on the bill was expected to take place by early Friday, depending on maneuvering by conservative senators opposed to it. Senate leaders were expecting it to pass.

The deal is the result of tightly held negotiations between congressional leaders in both parties and the White House.

There was pressure to strike a deal soon because of two approaching deadlines – one fiscal, one political.

The Treasury Department has warned that the government will run out of borrowing authority by Nov. 3 and a failure to raise the debt ceiling could lead to an economy rattling default. The bill would suspend the debt ceiling through March 2017.

The second deadline was the end of this month, when former Speaker John A. Boehner, R-Ohio, planned to step down from Congress.

Boehner said he wanted to “clean out the barn” before handing over the gavel, rather than leave his successor with a pile of messy budget business to handle. On Thursday, the House elected Rep. Paul D. Ryan, R-Wisc., speaker, a day after the House passed the budget agreement on a 266 to 167.

The agreement would lift the so-called sequester spending caps and increase discretionary spending by about $80 billion over two years, an amount split equally among defense and domestic programs. To offset this cost, negotiators tapped a number of sources, including Medicare and Social Security, auctioning off wireless spectrum controlled by the government, selling crude oil from the Strategic Petroleum Reserve and tightening tax rules for business partnerships.

In addition, the legislation would limit a historic premium hike for some Medicare Part B beneficiaries set to go into effect next year for services like hospital care and doctor visits.

The agreement also would prevent a potential 20 percent across-the-board cut to Social Security Disability Insurance benefits set to take place next year, by transferring some funding from the main Social Security fund and making changes to the program. These include allowing some recipients who can work to get partial payments while earning outside income.

Conservatives criticized the deal both because it was hatched behind closed doors rather than through the committee process.

Once the bill is signed into law, the Appropriations Committees will begin writing an omnibus bill to determine how the funds will be spent. That process could be complicated if Republicans try to attach controversial provisions, like defunding Planned Parenthood, to the legislation.