Mr Reid (R) is trying to avoid delays to a vote on the new plan
The Democrat-controlled US Senate is seeking a vote on its plan to raise the nation's $14.3tn (�8.7tn) debt limit, which could determine whether a deal to avoid government default is possible.
Senate leaders want a prompt vote so the plan can be passed on Sunday.
The debate comes a day after the Senate rejected a rival Republican bill passed in the House of Representatives.
President Obama urged Congress to get its house in order. The US risks default without a deal by 2 August.
The president backs Senate Majority Leader Harry Reid's proposal, which would cut $2.2tn from deficits and raise the debt ceiling by $2.7tn.
The Senate plan envisages raising the debt ceiling until after the 2012 elections. Republicans have sought a plan which raises the ceiling for just a few months.
Correspondents say the best hope to avoid default is for the Senate to pass an amended bill on Sunday which can be put to the House on Monday ahead of the deadline.
'Heading for disaster'Democrat leaders in the Senate are said to be seeking agreement with Republicans to avoid procedural obstacles which could delay the Senate vote until Monday.
Mr Reid accused the Republicans of seeking to filibuster, or delay, proceedings.
"Unless there is a compromise, or they accept my bill, we're heading for economic disaster," he said.
Minority Leader Mitch McConnell accused the Democrats of stirring up opposition, but said he eagerly awaited Mr Reid's plan.
In a weekly radio address, Mr Obama reiterated that any solution on a default had to be bipartisan.
"There are multiple ways to resolve this problem," he said.
"Congress must find common ground on a plan that can get support from both parties in the House and in the Senate. And it has to be a plan that I can sign by Tuesday."
John Boehner: ''I stuck my neck out a mile to get an agreement with the president"
The House of Representatives passed its own plan on Friday evening by 218-210, with 22 Republicans and every Democrat voting against.
The plan, drawn up Speaker John Boehner, includes some $900bn of spending cuts and would raise the debt ceiling by a similar amount.
However it would require another vote during mid-2012 and includes language in support of a so-called "balanced budget amendment" to the US constitution - both rejected by the White House and the Senate leadership.
Shortly after the House passed its bill, the Democratic-led Senate voted to reject the Boehner plan.
The US government will start running out of money to pay all its bills unless a $14.3tn (�8.79tn) borrowing limit is increased by Tuesday.
Democrats say the Republican bill as passed would cause immeasurable damage to the economy because it would force Congress to vote on another extension of the debt ceiling early in 2012, a time when presidential election campaigns will be in full swing.
Analysts predict a last-minute scramble for a compromise and razor-edge votes in both chambers, with the high-stakes game of legislative brinkmanship expected to continue all weekend.
The Boehner and Reid plans overlap in key ways, such as trimming spending over 10 years and shunning President Obama's call for tax increases on the wealthy and corporations.
Source: http://www.bbc.co.uk/go/rss/int/news/-/news/world-us-canada-14354088
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