Reid, McConnell endorse deal, will present to rank-and-file Monday

Senate leaders will meet with their caucuses Monday morning to present a bipartisan agreement to raise the debt limit and cut spending between $2 trillion and $3 trillion.

Both Senate Majority Leader Harry ReidHarry ReidDraft House bill ignites new Yucca Mountain fight Week ahead: House to revive Yucca Mountain fight Warren builds her brand with 2020 down the road MORE (D-Nev.) and Republican Leader Mitch McConnellMitch McConnellSchumer blocks one-week stopgap funding bill Overnight Finance: Dems explore lawsuit against Trump | Full-court press for Trump tax plan | Clock ticks down to spending deadline Hundreds of former EPA employees blast Trump on climate change MORE (Ky.) endorsed the deal on the Senate floor.

“I am relieved to say that leaders from both parties have come together for the sake of our economy to reach historic, bipartisan compromise that ends this dangerous standoff,” Reid said.

“The compromise we have agreed to is remarkable not only because of what it does, but because of what it prevents: a first-ever default on the full faith and credit of the United States,” he said.

Reid said he would present it to his Democratic colleagues at 11 a.m. and expressed confidence it would pass Congress. Reid said he would have to meet with his colleagues before giving the final green light.

President Obama took the podium in the White House briefing room a short while later to announce that the leaders from both parties in the Senate and House had accepted the deal.

McConnell praised the agreement on the Senate floor and said the danger of a national default had passed.

“At this point I think I can say with a high degree of confidence that there is now a framework to review that will ensure significant cuts in Washington spending,” McConnell said. “And we can assure the American people tonight that the United States of America will not for the first time in our history default on its obligations.”

McConnell will present the deal to his rank-and-file colleagues at an 11 a.m. meeting in the Senate’s Strom Thurmond Room. He will also reserve his final consent until all Senate Republicans have had a chance to review the details.

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