WASHINGTON (AP) — The third ranking Democrat in the Senate says a deficit-reduction proposal put forward by Majority Leader Harry Reid has the best chance of ending the political stalemate and avoiding a government default.

New York Sen. Chuck Schumer tells MSNBC he expects the Nevada Democrat to release details of his plan later Monday. Schumer says the deal would last through 2012, cut spending by the same amount as borrowing is increased and contain no new taxes.

Schumer also says he believes no accord can be reached without the approval of President Barack Obama, Reid, Senate Republican Leader Mitch McConnell, House Speaker John Boehner and House Minority Leader Nancy Pelosi.

Schumer says he believes the Reid proposal is "the kind of thing Speaker Boehner can rally his tea party troops" to support.