Reid also allowed for Senate Minority Leader Mitch McConnellMitch McConnellMcConnell breaks with Trump on NATO McConnell: Senate could vote on 3 Trump nominees Friday Dems engage in friendly debate for DNC chair 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 LewJack LewOne year later, the Iran nuclear deal is a success by any measure Chinese President Xi says a trade war hurts the US and China Overnight Finance: Price puts stock trading law in spotlight | Lingering questions on Trump biz plan | Sanders, Education pick tangle over college costs MORE to be the next Treasury Secretary on Wednesday. The Senate Finance Committee approved his nomination earlier Tuesday on a 19-5 vote.