"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 CardinCongress should take the lead on reworking a successful Iran deal 'Fix' the Iran deal, but don't move the goalposts North Korea tensions ease ahead of Winter Olympics MORE (D-Md.).