Republicans have prevailed in a standoff with Democrats on a $1.2 trillion government spending bill. On Thursday, Senate Majority Leader Harry Reid announced he would shelve the measure in the face of a threatened Republican filibuster.

Sen. Harry Reid: “In the next 24 hours or so, Senator McConnell and I will work to try and come up with a CR [continuing resolution] to fund the government for a certain period of time. That’s where we are right now. I’m sorry and disappointed.”

The move raises the likelihood Republicans will be able to push through a new spending bill with deeper spending cuts when they take over in the House and increase their standing in the Senate next month.