White House, GOP Close to Debt Deal: Sources

Sources told the Associated Press late Saturday night that Republicans leaders and the White House were close to a deal on the debt ceiling that will raise the debt ceiling by $2.4 trillion and implement spending cuts in two phases. They also said the proposed deal would require Congress to vote on a balanced budget amendment, but would not impose it without a vote. Meanwhile, many on Capitol Hill said the late postponement could be the first real sign of progress in partisan showdown that has gripped Washington—and the rest of the nation. Senate Majority Leader Harry Reid postponed the Senate debt vote until Sunday afternoon as Republicans said they "fully engaged" with the White House over a deal. If a deal can be reached before Tuesday, the country will avoid going into default.