Reid said he would pull that proposal down to the Senate floor later Monday afternoon.

“This afternoon, I will put on the floor a proposal that I hope will break that impasse,” said Reid. “This legislation would put to rest the specter of default.” 

Reid’s plan would cut $2.7 trillion from the deficit over the next decade and would not raise any new revenue or make cuts to Medicare, Medicaid or Social Security. It would raise the debt ceiling through 2012. 

Reid also reminded House Republicans that Senate Democrats and the White House plant to reject any proposals for a short-term solution.

“A short-term solution is not a solution at all,” said Reid.