Washington (CNN) -- House Speaker John Boehner's plan to raise the nation's debt ceiling and slash government spending narrowly passed his chamber on Friday and then was blocked by Senate Democrats, setting up a weekend of negotiations to seek a deal that would avoid a potential federal default next week. The Senate vote was 59-41 to table the measure, which effectively kills it unless Democrats decide to bring it up again. Earlier, Boehner's proposal was approved by the House in a sharply polarized 218-210 vote that was delayed by a day while the speaker rounded up support from wary tea party conservatives. No Democrats supported the measure, and 22 of the 240 members of the Republican majority also opposed it.
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NEW: Sen. Reid revises his plan to bring $2.4 trillion in savings
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NEW: Defense Secretary Panetta asks for patience from the military
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The Senate blocks House Speaker Boehner's debt ceiling plan
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Congress must raise the $14.3 trillion debt ceiling by August 2 or risk default
Senate Democrats
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In a continuation of the political theater that has characterized the negotiations so far, the House scheduled a vote on the Reid plan for Saturday -- before the @placeholder will even begin considering it -- as what appeared to be payback for the rejection by Senate Democrats of the Boehner proposal.
John Boehner
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@placeholder's plan "has no chance of becoming law," Obama said.
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Later, he complained on the @placeholder floor that Republicans would effectively filibuster his proposal by requiring a 60-vote super-majority in the 100-member chamber to support the start of debate on it.
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Reid also blasted Boehner's decision to include a mandatory balanced budget amendment provision in the @placeholder plan, calling the addition of "even more stuff in this right-wing leaning bill.
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"I would suggest to my friends on the other side ... that they start taking their responsibilities as a majority party a little more seriously, because at this point, the only people who are disregarding the consequences of default are Senate Democrats -- not the @placeholder in the House -- but them," McConnell said.
John Boehner
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Daley said that similarities between the @placeholder and Reid plans "may be the grounds for a deal that, hopefully, both parties can pass."
Reid
Daley said that similarities between the Boehner and @placeholder plans "may be the grounds for a deal that, hopefully, both parties can pass."
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@placeholder's plan also would establish a congressional committee made up of 12 House and Senate members to consider additional options for debt reduction.
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Among other things, Reid has stressed that his plan meets the key @placeholder demand for no additional taxes.