Reid's remarks came on Tuesday as the Senate returned to Washington to work during the week following the Fourth of July holiday for the first time in decades. The Treasury says that if the debt ceiling is not lifted by Aug. 2 the U.S. will begin to default on its financial obligations.

This week we will debate a solution to this crisis whether the Republicans like it or not," Reid said. 

Minutes after completing his remarks, Reid filed cloture on a piece of legislation he authored that would express the "Sense of the Senate" that taxpayers earning $1 million or more each year should "make a more meaningful contribution to the deficit reduction effort."