The House of Representatives on Monday approved an 11th-hour deal to raise the borrowing limit, clearing the biggest hurdle to averting a potentially catastrophic debt default.

President Barack Obama announced on Sunday that Democrats and Republicans leaders have reached an agreement to reduce the U.S. deficit and avoid default.

Lawmakers were close to a last-ditch $3 trillion deal on Sunday to raise the U.S. borrowing limit and assure jittery financial markets that the United States will avoid a potentially catastrophic default.

Senate Majority Leader Harry Reid on Saturday delayed a test vote on the Democratic debt limit increase plan until 1 p.m. EDT Sunday to give negotiators more time to work out a deal.

Top congressional Republicans said on Saturday they were in serious talks with President Barack Obama to break a U.S. debt limit deadlock and were confident the risk of default by the world's largest economy could be avoided.

The top Republicans in the Senate and House of Representatives said on Saturday that after a week of stalemate they are now in serious talks with President Barack Obama to raise the debt ceiling and avoid a looming default.

The House of Representatives approved a Republican deficit plan on Friday that has no chance of becoming law but could pave the way for a last-ditch bid for bipartisan compromise to avert a crippling national default.

Top U.S. lawmakers dueled with diverging debt plans on Monday that offered little compromise and raised the threat of a ratings downgrade and national default as President Barack Obama prepared to address Americans on the impasse.

News Corp's major shareholder Prince Alwaleed bin Tala has rebuffed calls to change the company's dual-class structure or leadership, the Financial Times reported in its Tuesday edition.

Norway's police believe Anders Behring Breivik probably acted alone in killing 76 people last Friday, and Norwegians united in revulsion against the worst attack in the Nordic nation since World War Two.