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US Senate leaders upbeat on debt negotiations US Senate leaders upbeat on debt negotiations
(35 minutes later)
US Senate leaders have expressed optimism about their negotiations to raise the US debt ceiling, as the deadline looms to avert a default. US Senate leaders have expressed optimism after a flurry of negotiations on raising the federal debt ceiling to avert a potentially disastrous default.
After flurry of meetings among party leaders, the Senate's top Democrat said there had been "tremendous progress". Following talks with his Republican counterpart, the Senate's top Democrat spoke of "tremendous progress".
They were also nearing a deal to end a partial government shutdown now in its third week, congressional sources said. They were also nearing a deal to end a partial government shutdown, now in its third week, congressional sources said.
The US must raise its $16.7tn (£10.5tn) borrowing limit by Thursday or risk a default on its bills. The US must raise its $16.7tn (£10.5tn) borrowing limit by Thursday or risk failing to pay its bills.
As he toured a soup kitchen for the poor in Washington DC on Monday, President Barack Obama warned that "defaulting would have a potentially devastating effect on our economy".As he toured a soup kitchen for the poor in Washington DC on Monday, President Barack Obama warned that "defaulting would have a potentially devastating effect on our economy".
He had been due to hold talks at the White House with congressional leaders that afternoon, but the meeting was postponed to allow the parties more time to cobble together an agreement.
'Tremendous progress''Tremendous progress'
He was due to hold talks at the White House with congressional leaders that afternoon, but the meeting was postponed to allow Senate leaders more time to cobble together an agreement. According to US media, the deal currently under discussion would fund the government until 15 January while raising the debt ceiling until early to mid-February.
According to US media, the congressional leaders have been discussing a deal that would fund the government until 15 January while raising the debt ceiling until early to mid-February. Senate Democratic Majority Leader Harry Reid told the chamber on Monday evening: "We've made tremendous progress.
Senate Democratic Majority Leader Harry Reid told the Senate on Monday evening: "We've made tremendous progress. "We hope with good fortune... perhaps tomorrow will be a bright day. We're not there yet."
"We hope with good fortune, and the support of all of you, recognising how hard this is for everybody, that perhaps tomorrow will be a bright day. We're not there yet." Republican Senate Minority Leader McConnell also sounded upbeat, hailing "substantial progress".
Republican Senate Minority Leader McConnell also sounded upbeat. John Boehner, the Republican leader and Speaker of the House of Representatives, also met Senator McConnell.
"We've had a good day," he told the chamber. "I think it's safe to say we've made substantial progress and we look forward to making more progress in the future."
John Boehner, the Republican leader and Speaker of the House of Representatives, also met Sen McConnell.
A spokesman for Mr Boehner, Michael Steel, told the Associated Press news agency: "If the Senate comes to an agreement, we will review it with our members."
A closed-door session of Republican senators and representatives was set for Tuesday morning.A closed-door session of Republican senators and representatives was set for Tuesday morning.
Democrats appear to have so far defeated Republican attempts to force any major changes to President Obama's signature healthcare law. Democrats appear to have so far fended off Republican attempts to force any major changes to President Obama's signature healthcare law.
Conservative hardliners were initially vocal in demanding that the White House agree to delay or eliminate the funding for the Affordable Care Act. Conservative hardliners were initially vocal in demanding that the White House agree to delay or eliminate funding for the Affordable Care Act.
However, Senate Republicans are still reportedly pushing for slight modifications to the law. According to US media, they seek stricter measures to verify the incomes of those seeking health insurance subsidies. They also aim to suspend a tax on medical devicess. However, Senate Republicans are still reportedly pushing for slight modifications to the law. According to US media, they want stricter measures to verify the incomes of those seeking health insurance subsidies. They also aim to suspend a tax on medical devices.
Even if a deal is reached in the Senate, it is unclear whether Congress could act in time to pass legislation that would avert the 17 October default deadline.
'Surrender caucus''Surrender caucus'
Hardline conservatives such as Texas Republican Senator Ted Cruz could use Senate rules to stonewall a vote. Even if a deal is reached in the Senate, it is unclear whether Congress could act in time to pass legislation that would avert the 17 October default deadline.
A budget bill would also need to pass the House of Representatives, where it could meet fierce resistance from the Tea Party-aligned Republican lawmakers who triggered the whole political deadlock two weeks ago. Hardline conservatives such as Texas Republican Ted Cruz could use Senate rules to stonewall a vote.
A budget bill would also need to pass the House of Representatives, where it could meet fierce resistance from the Tea Party-aligned Republicans who triggered the whole political deadlock two weeks ago.
One of those conservative hardliners, Kansas Representative Tim Huelskamp, was quoted by the New York Times as labelling his upper chamber colleagues "the Senate surrender caucus".One of those conservative hardliners, Kansas Representative Tim Huelskamp, was quoted by the New York Times as labelling his upper chamber colleagues "the Senate surrender caucus".
"Anybody who would vote for that [Senate deal] in the House as Republican would virtually guarantee a primary challenger," he said."Anybody who would vote for that [Senate deal] in the House as Republican would virtually guarantee a primary challenger," he said.
Republicans have taken the brunt of blame for the latest fiscal cliffhanger to cripple Capitol Hill, with some in the party concerned the affair could damage their prospects in next year's midterm elections. Republicans have taken the brunt of blame for the latest fiscal cliffhanger to cripple Capitol Hill, according to opinion polls.
A Washington Post/ABC News poll released on Monday found that 74% of Americans disapprove of the way congressional Republicans have handled the standoff, compared with a 53% disapproval rating for Obama. A Washington Post/ABC News survey released on Monday found that 74% of voters were unhappy with how congressional Republicans have handled the standoff, compared with a 53% disapproval rating for Obama.
Some in the party have voiced concern that the affair could damage its prospects in next year's midterm elections
Economists, bankers and politicians in both parties have warned for weeks of dire consequences should Congress fail to reach an agreement on raising the nation's debt ceiling.Economists, bankers and politicians in both parties have warned for weeks of dire consequences should Congress fail to reach an agreement on raising the nation's debt ceiling.
The US Treasury has been using what are known as "extraordinary measures" to pay its bills since the nation reached its current debt limit in May.The US Treasury has been using what are known as "extraordinary measures" to pay its bills since the nation reached its current debt limit in May.
Those methods will be exhausted by 17 October, US Treasury Secretary Jack Lew has said.Those methods will be exhausted by 17 October, US Treasury Secretary Jack Lew has said.
Meanwhile, the government remains partially shut down since Congress missed a 1 October deadline to pass a budget, with Congress unable to agree to a law to keep the government funded. Meanwhile, the government remains partially shut down because Congress failed to agree on funding by a 1 October deadline.
A swathe of federal services are closed while hundreds of thousands of employees are still out of work. The impasse has closed a swathe of federal services and left hundreds of thousands of employees out of work.