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Reid credits McCain for possible deal avoiding nuclear option

Reid said the deal isn't finalized but that he plans to talk with the Obama administration and his caucus about it.

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“I think we see a way forward that will be good for everybody,” Reid said. “It is a compromise. I think we get what we want and they get what they want. That’s not a bad deal.”

Senators held a rare joint caucus in the old Senate Chamber Monday evening in hopes of working out a deal to avert the “nuclear option” — changing the rules on a simple-majority vote.

Reid said the meeting was productive and that everyone could learn a lesson from it.

“I hope everyone learned the lesson last night that it’s good to sit down and talk to each other,” Reid said.

At 11 a.m. the Senate will to end debate on Richard Cordray — President Obama’s pick to serve on the Consumer Financial Protection Bureau.

Republicans have blocked Cordray in order to demand reforms to the bureau, which was created in 2010 by the Dodd-Frank Wall Street Reform Act. But because of Reid’s threat to use the nuclear option some Republicans are expected to join Democrats in advancing his nomination to an up-or-down vote. Sixty votes will be needed to end debate on Condray’s nominations.

Aside from Cordray, Democrats are hoping to vote on the nominations of Richard Griffin, Sharon Block and Mark Pearce to the National Labor Relations Board; Fred Hochberg to be president of the Export-Import Bank; Thomas Perez to be secretary of Labor; and Gina McCarthy to be administrator of the Environmental Protection Agency.

McCain’s proposed compromise might mean that Griffin and Block are replaced by new nominees.