"If Republicans continue to oppose the reasonable proposal I brought to the floor last night … it will be for political reasons driven by the ideological Tea Party who will be crystal clear that Republicans don't care if we default on our debt."

Reid also complained that Republicans had not given his plan a fair look and that they had "trashed it right out of the gate."

On the surface, Reid’s plan would cut $2.7 trillion from the deficit over the next decade without raising new revenue or making cuts to Medicare, Medicaid or Social Security.

Republicans note, however, that a significant part of the plan’s savings come from drawdowns in Iraq and Afghanistan, something that likely would have happened anyway. 

Following Reid's speech, several Democrats came to down the floor to express their support for the majority leader's plan.

"The Reid proposal represents the views of the Senate from both sides of the aisle," said Sen. Ben CardinBenjamin (Ben) Louis CardinKim Jong Un surprises with savvy power plays Overnight Energy: EPA moves to roll back chemical plant safety rule | NASA chief says humans contribute to climate change | Pruitt gets outside lawyer House lawmakers to unveil water resources bill on Friday MORE (D-Md.).