Reid also allowed for Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellMcConnell expects Paul to return to Senate next week Former Hill staff calls for mandatory harassment training Gaming the odds of any GOP tax bill getting signed into law MORE (R-Ky.) to introduce a Republican alternative Wednesday.

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The Democratic plan would avoid the $85 billion in automatic spending cuts set to take effect Friday, by raising nearly $55 billion in revenue through closing tax loopholes and cutting spending by an equal amount, though Republicans have said they are not willing to increase taxes.

If the Republicans decide to filibuster the Democratic plan, 60-votes will be needed for passage, meaning neither plan is likely to pass later this week.

Reid also said he hoped the Senate would begin consideration of Jack LewJacob (Jack) Joseph LewSenator demands answers from DOJ on Russia bribery probe Koskinen's role in the ObamaCare bailout another reason Trump must terminate him The debt limit is the nation's appendix — get rid of it MORE to be the next Treasury Secretary on Wednesday. The Senate Finance Committee approved his nomination earlier Tuesday on a 19-5 vote.