July 31, 2011 / 2:05 PM / 8 years ago

SNAPSHOT-U.S. lawmakers close to deal on debt

WASHINGTON, July 31 (Reuters) - Here is what is happening on Sunday as U.S. lawmakers and the White House race to broker a deal to raise the country’s $14.3 trillion borrowing ceiling by Tuesday’s deadline and avoid default on obligations.

* Senate Democratic Leader Harry Reid signs off on a tentative deal pending approval by his fellow Senate Democrats, a Reid spokesman says.

* Despite the progress, Reid tells reporters “we still have a ways to go.”

* Senate Democrats and Republicans are to be briefed separately by their leaders on the tentative deal.

* House of Representatives Minority Leader Nancy Pelosi says she will discuss the tentative agreement with House Democrats on Monday. She tells reporters “we all may not be able to support it, or none (of) us may be able to support it.”

* Senate Republican leader Mitch McConnell tells reporters “We’re really, really close to an agreement.”

* Reid had hoped for a Senate vote on the bipartisan deal Sunday night, but a senior congressional aide tells Reuters a Senate vote is “highly unlikely” before Monday to give lawmaker time to look it over.

* McConnell tells CNN’s State of the Union that the deal includes about $3 trillion in deficit reduction.

* It is a two-stage deal that would include up-front spending cuts of about $1 trillion and the rest of the deficit savings would be left to a special bipartisan congressional panel to make recommendations to Congress, says David Plouffe, a senior adviser to President Barack Obama.

* The deal is to include an enforcement mechanism to ensure that additional deficit reduction is enacted into law. Across-the-board cuts would be triggered if there is no agreement by the special panel or Congress fails to act on the recommendations. The enforcement mechanism had been a major sticking point.

* House of Representatives Speaker John Boehner says in an e-mail to fellow Republicans “talks are moving in the right direction, but serious issues remain.” Boehner says he expects to hold a telephone conference call with them.

* Financial markets show signs of relief at a deal in the making. U.S. stock futures jump and the dollar rebounds on Sunday. (Reporting by Donna Smith; editing by Christopher Wilson)

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