Sen. Jim Bunning (R-KY) last week repeatedly blocked action on H.R. 4691 because the bill lacks offsets, and has proposed that the legislation's $10 billion price tag be paid for through unspent economic stimulus funds.

"My gosh, we have over $400 billion in unspent stimulus money," Bunning said during a floor statement on Thursday. Bunning went on to acknowledge that the Senate will likely approve the unemployment benefits extension and accompanying provisions this week. "So I am trying to make a point to the people of the United States of America: We have a debt of $14-plus trillion," he said.

The larger "extenders" package contains scores of tax breaks that have enjoyed overwhelming bipartisan support in past years, including the option to deduct state and local sales taxes, a deduction for higher education expenses, and the business research and development credit. The full Senate is expected to hold its first vote on H.R. 4213 on Tuesday, with a final vote occurring later in the week.