NEW YORK (CBSNewYork/AP) – Leaders of the House and Senate say votes could come as early as this evening on the deficit-cutting plan that is expected to avert a government default on its debts.

WCBS 880’s Peter Haskell With Reaction From Both Sides

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The office of House Majority Leader Eric Cantor says the House vote will come first. One House Republican says lawmakers will know by this afternoon whether Speaker John Boehner has the votes to pass it in the House, where conservatives have been more resistant to the compromise.

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Despite resistance from liberals and conservatives, momentum appears to be building in support of the plan.

CBS2’s Don Dahler reports

Vice President Joe Biden has been on Capitol Hill Monday to sell the plan in separate meetings with House and Senate Democrats.

President Barack Obama sent out a video message to Democratic lawmakers, saying that it’s been a “long and messy process” – and that “as with any compromise, the outcome is far from satisfying.”

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Among the Republicans who plan to vote “no” are South Carolina Sen. Lindsey Graham, who says it “locks us into more debt.” Republicans are also voicing concerns about potential cuts to defense spending.

Alexis Christoforous reports on market reaction

The legislation would slice more than $2 trillion from federal spending over a decade and permit the nation’s $14.3 trillion borrowing cap to rise by up to $2.4 trillion.

WCBS 880’s Marla Diamond With Mayor Bloomberg

Meanwhile, leaders in New York and New Jersey are reacting to the news from Washington.

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New York City Mayor Michael Bloomberg called the deal a missed opportunity.

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“It is not good and I think those people that thought the markets would be wildly positive over this news, last time I looked that was just not the case. The financial markets are looking at this country, whether they’re our markets or overseas markets, and saying that this is, fundamentally — I don’t think you can say non-functioning government — but is a poorly functioning government,” said Bloomberg.

He said we are headed down a road that has a very tragic and bad ending for America and added that the public must expect more from its elected officials.

“Unless we find ways to stop this increase in the deficit, which is going to have to be done through both enhanced and revenues and real cuts, we are headed towards a great fall,” said Bloomberg.

However, Bloomberg does not view the deal as a detriment to the city.

“There’s no revenue enhancement. So, it’s not going to take more tax money out of the city, and in the short run, there aren’t any meaningful cuts,” said Bloomberg.

In Newark, Mayor Cory Booker spoke of Pell grants for student residents, police programs, and funding for infrastructure projects — all of which comes from federal money.

WCBS 880’s Levon Putney In Newark

“All of these things can help grow our economy. All of these things can help make cities like Newark engines of economic opportunity,” said Booker. “It’s crazy to have potential business people, potential doctors, potential lawyers and teachers, give up their Pell grants before we ask hedge fund managers to give up their lower tax rate. How can I have police and teachers in my city paying a higher tax rate than them?”

Booker says that is his concern when it comes to the deal which cut federal spending to pass the debt ceiling increase.

“I understand that our President was put in a situation where he had to make compromises, but in the end of the day we have to be careful in this nation that we’re not cutting those things that are essential to our long term economic growth and empowerment,” said Booker.

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