Senators from both parties are expressing optimism over possible new immigration reform. (Rob Crawley/Creative Commons)

Republican John McCain, speaking on ABC's "This Week," said the plan was similar to a 2007 proposal that died during the Bush administration. It includes a path to citizenship for undocumented immigrants, tighter borders, a guest worker program and requirements for employers to verify the immigration status of their workers.

McCain said fellow members of the GOP might not be in a position to object a pathway to citizenship for undocumented immigrants, given the political implications of the issue.

"We are losing dramatically the Hispanic vote, which we think should be ours, for a variety of reasons, and we've got to understand that," McCain said.

Although immigration was placed on the back-burner during President Barack Obama's first term, he has vowed to make it a priority during his second term. Latino voters backed Obama heavily during his 2012 re-election victory.

Democrat Dick Durbin said it is "unacceptable" that it has taken so long for Washington address the issue.

"We are trying work our way through some very difficult issues but we are committed to a comprehensive approach to finally in this country having an immigration law that we can live with," he said.

Read the full story at Reuters. Find more Neon Tommy coverage of immigration here.

Reach Executive Producer Danny Lee here; follow him here.