Leaders of a bipartisan "Gang of Six" senators said Tuesday that they've reached agreement on a major plan to cut the deficit by more than $4 trillion over the coming decade through tax reform, Medicare and Social Security overhaul, and repeal of the CLASS Act, among other measures.

With a default deadline drawing ominously near, House Republican leaders are giving the tea party what amounts to a symbolic floor vote on a "cut, cap and balance" debt-limit plan while behind the scenes work continues on a fallback measure that could become the framework for a compromise.

One of the Senate's staunchest budget-cutters unveiled Monday a massive plan to cut the nation's deficit by $9 trillion over the coming decade.

Hope dimming for a broad debt-limit deal, Congress and the White House scrambled Wednesday to salvage deficit-reduction talks while top congressional Republicans said the nation cannot afford to default on its obligations — for economic reasons and their party's own good.

Hope dimming for a broad debt-limit deal, Congress and the White House scrambled Wednesday to salvage deficit-reduction talks while top congressional Republicans said the nation cannot afford to default on its obligations — for economic reasons and their party's own good.

With compromise talks at a vituperative standstill, Senate Republicans unexpectedly offered Tuesday to hand President Barack Obama new powers to avert the first-ever government default threatened for Aug. 2.

In unusually blunt and combative language, the Senate's top Republican says White House offers to cut long-term spending amount to "smoke and mirrors" and directly challenged President Barack Obama's leadership in debt limit negotiations.

President Barack Obama warned Monday there would be no deal on raising the government's debt limit if Republicans don't compromise and said he would not sign a short-term extension — raising the stakes on volatile negotiations with the clock ticking toward a Aug. 2 deadline.