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Reid: 'No agreement that has been made', but 'cautiously optimistic'

The Senate is in. Senate Majority Leader Harry Reid (D-NV) said on the floor, "There is no agreement that has been made," but he is "hopeful" and "cautiously optimistic."

He noted, however, that there is a compromise that is being worked on at the White House. But says it's crucial the deal is "long term."

Reid also played nice with Minority Leader Mitch McConnell, thanking him for "wrapping his arms around" this issue.

"Cooperation is the only way forward," Reid said. "Compromise is the only way forward."

*** UPDATE *** Leist reports that Reid still plans to hold the vote for his plan at 1:00 pm ET, but his team expects it would fail. It would then be swapped out for the compromise plan.

*** UPDATE 2 *** Leist reports that Senate Republicans are expected to meet at 1:45 pm ET behind closed doors in the Capitol after the 1:00 pm ET vote. Aides say McConnell is not expected to present a final agreement, but this is all fluid, of course.