Washington (CNN) President Barack Obama is poised to get the Senate's support for his free trade initiative after all.

A day after suffering an embarrassing setback when Obama's own party rebuked him on a major trade bill, Senate leaders said they have struck a deal to move forward on the measure.

Majority Leader Mitch McConnell and top Democrat Harry Reid announced the deal on the Senate floor on Wednesday afternoon.

The chamber has scheduled a crucial procedural vote for 2 p.m. Thursday on whether to move forward with trade promotion authority, which would allow Obama to submit the 12-country Trans-Pacific Partnership to Congress for a vote without amendments -- which trade negotiators say is critical to convincing other countries' leaders to sign off on the deal without fretting lawmakers will later try to change it.

First, though, the Senate will give Democrats votes on several other measures that they have demanded as a condition for taking up trade promotion authority.

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