WASHINGTON — The House is likely to vote Wednesday on a plan to extend the government’s borrowing authority into 2015 in exchange for reversing a cut to the pensions of working-age military veterans that Congress approved just two months ago to try to trim the budget deficit.

The plan, presented to House Republicans on Monday evening by their leaders, represents a dramatic reversal for the House after three years of using the debt ceiling to extract major spending cuts and conservative policy changes. In this instance, the debt ceiling deadline — looming at the end of this month — will be used to reverse the only difficult spending cut included in a budget and deficit-reduction deal reached in December.

For its part, the Senate voted Monday evening 94 to 0 to take up a Democratic bill that reverses the same spending cut without paying for it with other savings.

“What came out of a very small budget deal was the notion that there are budgetary trade-offs, and policy makers were at least confronting them in very small steps going forward. And not before the ink is even dry, we’re seeing the repeal of the most serious policy in that budget deal,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.