[Daily Nation (Kenya)] President Barack B.O.Obama on Monday said Republican and Democrat leaders have struck a deal to raise the US debt limit.
Under the proposal, which is set for debate and votes in Congress on Monday, the US debt ceiling would rise by up to $2.4 trillion from the current $14.3 trillion. The US government deficit will be cut by a similar amount over 10 years, and a special bipartisan committee will also be set up to agree spending cuts.
Without a deal the US would face the prospect of defaulting on its debts.
Party leaders in the House of Representatives and Senate still have to present the deal to their members on Monday, before the package goes to a vote.
The House could begin voting on the agreement from around midday local time, with the Senate working to a later timetable, the Washington Post reports.
The BBC's Jane O'Brien says the package is still likely to be a tough sell, with some Republicans and Democrats in the House remaining opposed to different aspects.