White House spokesman Jay Carney denied reports that President Obama was nearing agreement with Republican leaders on a $3 trillion deal to raise the debt ceiling. “There is no deal. We are not close to a deal,” said Carney; John Boehner also tweeted that reports of a deal were "false." But sources still tell Politico and The New York Times that the deal is on the table, and that Vice President Joe Biden called congressional Democrats to tell them the two sides were moving toward a large deal. In addition to cutting spending, the arrangement would make changes to entitlement programs and pledge to reform the tax code later down the road.