Debt Talks Becoming More Constructive?

By: AP
By: AP

WASHINGTON (AP) -- Officials say the White House and Republican
leaders in Congress are making significant progress toward a last-minute agreement to avoid a default threatened for next week.

These officials say the two sides are discussing a plan to raise the debt limit by about $2.4 trillion and enact spending cuts of a slightly larger amount in two stages.

The deal under discussion would also require Congress to vote on
a balanced budget amendment to the Constitution, but not require
its approval.

The officials spoke on condition of anonymity, citing the sensitivity of the discussions.

Senate Majority Leader Harry Reid says negotiations aimed at resolving the debt-limit standoff are under way at the White House.

As a result, the Nevada Democrat postponed a test vote on a
Democratic debt limit proposal that had been scheduled for shortly
after midnight.

He says he's delaying that vote until 1 p.m. Sunday to give negotiators time to work out an agreement.

In a brief statement on the Senate floor, Reid said that many parts of the potential pact remain to be worked out.

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