According to an ABC News source, the framework would call for a $2.8 trillion raise in the debt ceiling and more than $1 trillion in spending cuts.
News of the tentative framework came after Senate Majority Leader Harry Reid said on the Senate floor that negotiations were ongoing between Republicans and the White House on Saturday evening.
"There are many elements to be finalized," Reid said on the Senate floor Saturday evening. "There is still a distance to go."
Those negotiations prompted Reid to postpone a test vote on the Democratic debt limit proposal until 9 a.m. Pacific Time on Sunday.
Earlier in the day, the U.S. House of Representatives indefinitely tabled a debt solution bill that cleared the U.S. Senate.