WASHINGTON (AP) — Senate Republican leader Mitch McConnell says negotiators are "very close" to nailing down an agreement that would avert a default of the nation's debt obligations.
McConnell tells CNN's "State of the Union" that lawmakers are looking at a $3 trillion package that would raise the debt ceiling in two stages through the elections next year.
McConnell says he is hopeful he will soon have a deal that he can recommend to his fellow Republicans.
On the Democratic side, Sen. Chuck Schumer of New York cautions that "there is no final agreement" and that much remains to be discussed.
The Treasury Department has said that it will not be able to pay off all its debt obligations after Tuesday if Congress does not act.
Copyright 2011 The Associated Press.