ABC News: GOP, White House have deal framework

President Barack Obama meets with House Minority Whip Steny Hoyer of Md., from left, House Majority Leader Eric Cantor of Va., House Democratic Leader Nancy Pelosi of Calif., House Speaker John Boehner of Ohio, and Senate Majority Leader Harry Reid of Nev., right, in the Cabinet Room of the White House, Sunday, July 10, 2011, in Washington, to discuss the debt. (AP Photo/Carolyn Kaster)

July 30, 2011 9:55:09 PM PDT
ABC News has learned Republicans negotiating with the White House have drafted a tentative framework that would prevent the government from defaulting on its loans.

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.