Senate Majority Leader Harry Reid, D-Nev., announced Tuesday morning that a deal has been reached to avert the so-called nuclear option that would have diminished Reublicans' ability to filibuster and delay President Obama's non-judicial executive branch nominees.

Reid credited Sen. John McCain, R-Ariz., with helping to craft the deal and said other lawmakers would be briefed on the accord during their regularly scheduled lunches later Tuesday. Reid said the details of the compromise were still being worked out.

The breakthrough was welcome news for senators who huddled behind closed doors for hours Monday night only to fall short of a deal that would preserve the minority party's ability to exert its influence while allowing the president to win timely confirmation for his nominees.

The chief sticking point was Republican objections to Obama nominees to the National Labor Relations Board and the Consumer Financial Protection Bureau.

"We may have a way forward on this. I feel fairly confident. But, as you know, that's why we need the time," Reid said Tuesday morning. "I hope everyone learned the lesson last night that it sure helps to sit down and talk to each other.

"We're going to have caucuses today. We'll explain in more detail the direction we're headed. I think everyone will be happy," Reid added. "I think it's going to be something that is good for the Senate. It is a compromise, and I think we get what we want, they get what they want. Not a bad deal."