Reid also allowed for Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellCEOs urge Congress to raise debt limit or risk 'avoidable crisis' Capito grills EPA nominee on '#ResistCapitalism' tweet Hassan launches first ad of reelection bid focusing on veterans' issues 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 LewThe Hill's Morning Report - Biden argues for legislative patience, urgent action amid crisis On The Money: Senate confirms Yellen as first female Treasury secretary | Biden says he's open to tighter income limits for stimulus checks | Administration will look to expedite getting Tubman on bill Sorry Mr. Jackson, Tubman on the is real MORE to be the next Treasury Secretary on Wednesday. The Senate Finance Committee approved his nomination earlier Tuesday on a 19-5 vote.