There would also reportedly be specific language preventing the money from being used for any new concrete 'wall' structure - though again - the fine print had not been released as of very late on Monday night.
It was almost one year ago that Democrats offered the President $25 billion in wall funding, in exchange for protections for younger illegal immigrant "Dreamers" under the DACA program; but under pressure from White House aides, the President rejected that.
During the summer, lawmakers had agreed to $1.6 billion in border security funding - but now this deal would seem to provide even less, indicating that the five week shutdown had the effect of taking away money from the President's overall border security goal.
It was not immediately clear when the Congress would move on this plan. New rules instituted by Democrats in the 116th Congress require a 72 hour window from the time a bill is introduced until a vote - that would push any action on this package until Friday, just hours before a funding lapse which could trigger a second partial government shutdown.
At his campaign rally in El Paso, Texas on Monday night, the President defended that five week shutdown.
"It was a very important thing that we did," Mr. Trump said. "If we didn't do that shutdown we would not have been able to show this country, these politicians, the world, what the hell is happening with the border."
"Just so you know - we're building the wall, anyway," the President said to cheers.
In his speech, the President said he didn't know the details of the deal, but rejected the idea of holding back on the number of detention spots available to U.S. immigration authorities.
At the Capitol, lawmakers were still hoping that the President would get on board with the agreement.
"I've said all along that I thought we could get this done, and I remain cautiously optimistic," said Sen. Shelley Moore Capito (R-WV), one of the Senate negotiators.
But there were indications that the White House was putting together plans to fund construction of the wall - either by using a national emergency, or by cobbling together unspent money for that purpose, even though it would run against Congressional intent.
"Walls save lives," the President said.