Maryland Sen. Barbara Mikulski, Rep. Steny Hoyer and Maryland Gov. Martin O'Malley announced the measure Monday.
The money is in a portion of the 2009 Omnibus Appropriations Act, which soon will be considered by the House of Representatives.
How the money would be allocated between the Virginia and Maryland has not been decided, Maryland officials said. They estimate Maryland spent more than $11 million to provide security measures during Obama's train ride through the state, which included a stop in Baltimore.