By Alexander Bolton - 10/16/13 04:34 PM EDT
The bipartisan agreement would also raise the $16.7 trillion debt ceiling until February, setting the stage for budget talks between the Senate and House.
Reid and McConnell announced the deal on the Senate floor shortly after noon.
"Our country came to the brink of disaster, but in the end political adversaries set aside ... their differences," Reid said. The agreement, he added, will "provide our economy the stability it desperately needs."
If the legislation passes, as expected, it would set up a Senate-House conference to negotiate fiscal reforms.