The Senate Budget Committee Chairman said the group has come to a consensus that the deficit needs to be reduced by at least $4 trillion over the next 10 years. Conrad also said the group of bipartisan senators are using the Simpson-Bowles Fiscal Commission plan as its framework.

The Simpson-Bowles Commission, ordered by President Obama, released a plan in 2010 that would have both reduced spending and increased revenue — something most Republicans have expressed a disinterest in doing. Earlier this summer, Sen. Patty MurrayPatricia (Patty) Lynn MurrayOvernight Health Care — Sponsored by PCMA — Trump official won't OK lifetime limits on Medicaid Dems warn against changes to federal family planning program Overnight Health Care: Drug company under scrutiny for Michael Cohen payments | New Ebola outbreak | FDA addresses EpiPen shortage MORE (D-Wash.), who co-chaired the supercommittee tasked to reduce the deficit, said she and some other Democrats were willing to let the sequestration cuts happen in January and would also allow the Bush-tax rates for all income earners expire at end of the year if Republicans didn’t agree to increasing taxes on the wealthiest 2 percent of Americans. Republicans criticized that idea as taking the country over the “fiscal cliff.”

Conrad has expressed concern that the fiscal cliff could harm the economy in the near-term. On Monday, he said that the pressure to avoid the fiscal cliff could help prompt lawmakers to take action to avoid the situation by passing a comprehensive plan.

“As we look to avoid the fiscal cliff, it is my hope that we can replace the scheduled arbitrary, across-the-board sequester cuts and tax increases with even more savings from a balanced and comprehensive plan, like the Bowles-Simpson framework, that includes savings from entitlements, including healthcare, and tax reform that raises revenue,” Conrad said. “It is important that we adopt a comprehensive plan now, but that it be phased-in carefully so that the changes don’t worsen the fragile economic recovery.”