Senate Majority Leader Harry Reid (D-Nev.) announced Monday morning that the Senate would likely vote later in the day on the debt-ceiling compromise reached by congressional leaders and the White House. 

Senate leaders will also take the plan to their caucuses in separate meetings at the Capitol on Monday morning.

The deal, reached on Sunday, would cut nearly $1 trillion in planned spending over 10 years and create a bicameral committee tasked with finding another $1.5 trillion in cuts over 10 years in exchange for raising the debt ceiling by $900 billion over the next few months, then by another $1.5 trillion early next year.