US Senate leaders upbeat on debt negotiations.docVIP

US Senate leaders upbeat on debt negotiations US Senate leaders have expressed optimism about their negotiations to raise the US debt ceiling, as the deadline looms to avert a default. After flurry of meetings among party leaders, the Senates top Democrat said there had been tremendous progress. They were also nearing a deal to end a partial government shutdown now in its third week, congressional sources said. The US must raise its $16.7tn (￡10.5tn) borrowing limit by Thursday or risk a default on its bills. As he toured a soup kitchen for the poor in Washington DC on Monday, President Barack Obama warned that defaulting would have a potentially devastating effect on our economy. Tremendous progress He was due to hold talks at the White House with congressional leaders that afternoon, but the meeting was postponed to allow Senate leaders more time to cobble together an agreement. The US government shutdown has severed a lifeline for dying children - drug trials According to US media, the congressional leaders have been discussing a deal that would fund the government until 15 January while raising the debt ceiling until early to mid-February. Senate Democratic Majority Leader Harry Reid told the Senate on Monday evening: Weve made tremendous progress. We hope with good fortune, and the support of all of you, recognising how hard this is for everybody, that perhaps tomorrow will be a bright day. Were not there yet. Republican Senate Minority Leader McConnell also sounded upbeat. Weve had a good day, he told the chamber. I think its safe to say weve made substantial progress and we look forward to making more progress in the future. John Boehner, the Republican leader and Speaker of the House of Representatives, also met Sen McConnell. A spokesman for Mr Boehner, Michael Steel, told the Associated Press news agency: If the Senate comes to an agreement, we will review it with our members. A closed-door session of Republican senators and representatives was set for T