ABC News is reporting a tentative framework has been drafted between the GOP and the White House that would prevent the United States from defaulting on its debt.

According to an ABC News source, the framework for the deal would raise the debt ceiling by $2.8 trillion and would call for $1 trillion in spending cuts.

The story came shortly after Senator Harry Reid said on the floor of the Senate that late-night negotiations were continuing at the White House. [ABC News]

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