With the clock ticking on the Treasury's Aug. 2 deadline, both will lay out their plans on Monday afternoon for raising the limit

Senate Majority Leader Harry Reid (D-Nev.) will lay out details of his new plan to raise the debt ceiling past November 2012 and cut the deficit by $2.7 trillion at a 2:30 p.m. news conference, his office announced on Monday.

Reid may start floor action on the bill later in the day, an aide said.

That will put the House and Senate in a faceoff, on dueling courses, with just eight days to go to raise the debt ceiling by the August 2 deadline set by the Treasury Department. Senate Democrats have a 6 p.m. caucus meeting scheduled to discuss their options.

At the same time, House Speaker John Boehner, R-Ohio, is briefing his conference at 2 p.m. on his plan for a two-part process to raise the borrowing limit and cut spending. The first phase would include about $1 trillion in cuts, with the ceiling raised through January 2012. According to a GOP source familiar with the framework, Congress would then have to pass deficit cuts recommended by a joint congressional committee before a second debt-ceiling increase could be approved.