The vast majority of the legislation, which totals $330 billion, is funding for federal government agencies that do not deal with immigration.
Late on Wednesday, negotiators put the finishing touches on the legislation that would provide more than $300 billion to fund the Department of Homeland Security and a range of other federal agencies through September 30, the end of the current fiscal year.
The bill provides a little more than $1.3 billion for border fencing along 55 miles of the southern border, which is a mere fraction of what the president had requested.
It took a record 35-day government shutdown and a compromise bill that delivers billions less than he had demanded for a border wall.
The Senate is expected to vote first Thursday afternoon, followed by the House Thursday evening, on the $333 billion package of seven spending bills.
"Declaring a national emergency would be a lawless act, a gross abuse of the power of the presidency and a desperate attempt to distract from the fact that President Trump broke his core promise to have Mexico pay for his wall", they said.
Democrats say there is no crisis at the border and Mr Trump is merely sidestepping Congress.
"It's hard to say definitively whether or not the president is going to sign it until we know everything that's in it", White House Press Secretary Sarah Sanders told reporters.
Netanyahu: Israel has relations with whole Middle East except Syria
On Wednesday, Netanyahu boasted of the strong ties Israel is building with Arab countries in the region. Iran has also ramped up its rhetoric against Israel, promising to wipe it off the political map.
House Speaker Nancy Pelosi speaks prior to a meeting with Colombian President Ivan Duque Marquez at the US Capitol in Washington on February 13, 2019.
Pelosi said this move by Trump is just him overstepping his bounds to navigate around Congress.
It's still unclear exactly what powers the president will cite to declare some form of national emergency.
Pelosi then toned down her rhetoric a bit, noting that she does not "advocate for any president doing end-run around Congress", and said that she was merely warning Republicans "about the door that they are opening, the threshold they are crossing".
While the majority of Republicans have rallied behind Trump, some have voiced concerns that the declaration might violate the constitution and set a unsafe precedent.
Congressional aides said House Democrats would take various steps to try to block Trump's emergency, possibly including a lawsuit.
"If this doesn't work out, I probably will do it, I would nearly say definitely", the president said of a national emergency declaration when he visited the border in Texas last month, adding, "If we don't make a deal, I would say 100 percent, but I don't want to say 100 percent".
The emergency declaration is sure to get bogged down in court challenges, which means it may not have much tangible benefit anytime soon. The overall bill also provides $330 billion to finance dozens of federal programs for the rest of the year, one-fourth of federal agency budgets.
Rep. Mac Thornberry, the Republican chairman of the House Armed Sercices Committee, urged the president not to divert signficant funds from important military projects.
And if it gets to President Donald Trump's desk, there's no guarantee he'll sign it.