Senate Democratic leaders announced Wednesday that they plan to accept the House GOP plan to extend the Treasury's borrowing authority,

committing themselves to approving a budget outline this spring and putting off any potential default on the nation's swelling debt until well into the summer.

About an hour before the House's expected passage of the new plan, Senate Majority Leader Harry M. Reid (D-Nev.) and his leadership team formally said that they would accept the latest offering from House Speaker John A. Boehner (R-Ohio), in large part because Boehner had dropped his previous demands that every dollar in increased borrowing authority be met with a corresponding dollar in spending cuts.

"We will not hold the full faith and credit of the United States hostage," Reid told reporters, vowing "regular order" to bring a budget to the Senate floor for the first time since 2009.