McConnell Says Debt-Ceiling Accord ’Very Close’

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http://www.bloomberg.com/news/2011-07-31/white-house-republicans-said-to-reach-tentative-deal-on-u-s-debt-ceiling.html

A Democratic-backed plan to raise the U.S. debt limit failed to overcome Republican opposition in the Senate, even as leaders of both parties said they were within reach of an agreement to avert an Aug. 2 default.

Senate Republican leader Mitch McConnell said that congressional negotiators and President Barack Obama are “very close” to a deal to raise the debt limit, having made “dramatic progress” on a compromise yesterday.

The Democratic plan that Senate Majority Leader Harry Reid had been advancing before negotiations led to the framework of another potential agreement fell short of the 60 votes needed to advance to debate on a measure most Republicans opposed.

The vote was 50-49.