McConnell: We can assure the American people the US will not default

McConnell added, however, that the tentative deal which has been the subject of intense negotiations Saturday night and Sunday is still subject to the scrutiny of his Republican caucus. 

"Before any agreement is reached Republicans will meet to discuss the framework the White House and congressional leaders in both parties think would meet our stated efforts to cut spending more than the president’s dent ceiling increase, prevent a default and protect the economy from tax increases," said McConnell.

Both parties will hold caucus meetings on Monday morning and the Senate is set to convene at 10:30 a.m.

After a long weekend of floor action Senate Majority Leader Harry Reid (D-Nev.) adjourned the upper chamber at around 8:35 p.m. Sunday night.