Mitch Mcconnel

The Senate's top-ranking Republican said Sunday that lawmakers are "very, very close" to an agreement to raise the nation's debt limit, as Congress works to meet an imminent deadline to stave off an unprecedented federal default. In separate interviews, Sen. Mitch McConnell (R-Ky.) indicated that progress had been made late Saturday in conversations between the White House and congressional leaders on a debt-ceiling plan that could meet with enough support from both parties to move to President Obama's desk by Aug. 2. McConnell, on CNN's "State of the Union," described a $3-trillion package that included cuts in discretionary spending, caps on future spending and a vote on a balanced budget amendment.

A plan by the Senate's two top leaders to allow President Obama to raise the debt limit without congressional approval is emerging as the most likely strategy to avoid a looming federal default. The plan being drafted by Senate Minority Leader Mitch McConnell of Kentucky and Majority Leader Harry Reid of Nevada would lock in about $1.5 trillion in deficit reduction over the next 10 years — a figure considerably smaller than Republican leaders and Obama had been seeking. Administration officials have said they still would prefer a more sweeping deal on the deficit, but they signaled the idea would be acceptable to Obama.

Senate Minority Leader Mitch McConnell (R-Ky.) has proposed another Washington bailout — the parachute kind, that is. Concerned that lawmakers won't reach a deal to raise the debt ceiling in time to avert a default, he suggested that Congress eject itself from the debate and give President Obama the power to raise the limit on borrowing unilaterally. It's terrible policy, but letting a dysfunctional Congress undermine the federal government's credit would be worse. Congress capped the government's borrowing at $14.3 trillion last year, but since then has approved tax cuts and spending bills that sink Washington considerably further into debt.

President Obama said he "cannot guarantee" that millions of Social Security beneficiaries would get their checks as scheduled next month unless he and congressional leaders agreed to raise the nation's debt limit by Aug. 2, a warning that came as both sides ratcheted up the tension over the monthlong standoff. Amid a volley of charges and countercharges over who would bear responsibility for a crisis, the Senate's Republican leader proposed a complex plan under which Congress would largely surrender its authority to determine the debt ceiling.

Ahead of a third consecutive day of meetings on raising the nation's debt ceiling, Republican leaders signaled increasing pessimism about the likelihood of a deal and laid the blame for deteriorating negotiations squarely on President Obama's shoulders. "I was one of those who had long hoped we could do something big for the country," Mitch McConnell, the Senate minority leader, said in a floor speech Tuesday. "But in my view, the president has presented us with three choices: smoke and mirrors, tax hikes, or default.

Senate Republican leader Mitch McConnell on Tuesday again extended an invitation to President Obama to visit Capitol Hill to meet with the chamber's Republicans in a effort to break the logjam in deficit-reduction talks as a federal default deadline nears. McConnell invited the president to meet with the Senate GOP last week -- an invitation that the White House declined. Democratic leaders have said they expect Obama to meet with them this week on the Hill, but the White House has not yet confirmed that visit.

The Republican leader of the Senate, Mitch McConnell, said Wednesday that if the 2012 presidential election were being held today, the GOP theme should be: "He made it worse. " (see video below) The bumper-sticker slogan might not quite be morning-in-America optimism, but it captures the Republican position that President Obama has been unable to right the struggling economy, a position the White House routinely counters by saying the outlook would be worse had the president not taken took the steps he did to shore it up. Photos: The 2012 GOP presidential hopefuls McConnell said he had no worries about the emerging field of potential GOP presidential candidates to challenge Obama saying that eventually a front-runner would "get on a roll.

Two top Republicans said Sunday they opposed raising the nation's debt ceiling without major moves to slash the federal deficit, a stance that suggests the GOP may be heading toward a high-stakes showdown with Democrats as the deadline for congressional action nears. Senate Minority Leader Mitch McConnell (R-Ky.) said on NBC's "Meet the Press" that he was prepared to keep the ceiling in place "unless we do something really significant about debt and deficit. " Former Minnesota Gov. Tim Pawlenty, a Republican candidate for president, also challenged the Obama administration's contention that failure to lift the debt limit would trigger an unprecedented default.

Tuesday's State of the Union address will be the first test of whether President Obama's post-election shift to a more centrist course is more than symbolic, Republicans said Sunday. "We're going to find out beginning next week ? how much of this he really means," Senate Minority Leader Mitch McConnell of Kentucky said on "Fox News Sunday. " "It is kind of a trust-but-verify moment. Let's see if he's really willing to do it, and if he is, I think he'll find a lot of help among Republicans in Congress.

The Senate on Wednesday voted to take up the arms limitation pact with Russia, President Obama's top foreign policy objective in the lame-duck congressional session. In a 66-32 vote, the Senate agreed to begin debate on the treaty, which requires 67 votes for ratification. Eight Republicans voted with Democrats to open discussion. Some Republicans had previously indicated they would stall deliberations by insisting every word be read aloud. The move prompted a sharp retort from the White House.