House Republicans prepared to unveil a new deficit-reduction bill as early as Monday night, charging ahead with a two-stage plan to raise the debt ceiling despite stiff White House objection.

Both parties are working on their own fallback plans after a weekend session of private talks failed to yield a compromise.

While little has congealed on the Democratic side, Senate Majority Leader Harry Reid is working on a plan to cut $2.7 trillion from the deficit over the next decade and extend U.S. borrowing authority into 2013. The plan, so far, would not raise revenue and does not appear to tackle entitlements, though aides said more details will be available later Monday...