Algorithm for line breaking in monospace text

Is there a de facto standard algorithm for finding good places to put line breaks in a paragraph of text rendered in a monospace font (e.g. to a text console)?

The algorithm should aim to output lines of an equal length (which is given as an argument), inserting a variable number of spaces between each pair of adjacent words on the same line to produce a pleasing result.

The TeX algorithm (Breaking Paragraphs into Lines, Knuth & Plass 1981) is the go-to algorithm for fancy typesetting with variable-width fonts. It should be usable with fixed-width fonts by treating them like variable-width fonts, but is there a simpler algorithm tailor-made for monospace fonts?