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Senator Mitch McConnell, the key Republican negotiator, expressed optimism that a $3-trillion deal could be reached to avert a federal default. A Senate procedural vote is scheduled for 1 p.m.
Rival Democratic and Republican plans to raise the government's borrowing ability have thrust Congress into a standoff just one week away from a potentially devastating debt crisis.
President Barack Obama offered strong praise Tuesday for a deficit reduction plan put together by a bipartisan group of senators, calling the measure's mix of tax hikes and spending reforms "broadly consistent" with his own approach to the current debt ceiling crisis.