Last year, the House passed two different measures that would have replaced the automatic spending cuts, but the Senate failed to act. Reid said Senate Democrats plan to introduce a “balanced” plan later this week that includes spending cuts and revenue through closing tax loopholes for the wealthy and corporations.

Although Republicans are calling for massive spending reductions, most agree that the automatic spending cuts to defense programs would be devastating to national security and the economy.

Economists have predicted that if the sequester takes place, more than 1 million jobs could be lost. 

Reid said these cuts and job losses could be “easily averted” if Republicans work with Democrats. Republicans have said that they will not accept any more revenue increases. Reid also said he expects President Obama to put forward a plan that includes ideas from both sides of the aisle Tuesday night in his State of the Union address.