



Earlier in the day, Boehner reiterated that he opposed allowing the government to risk default.

"I have made clear for months and months that the idea of default is wrong, and we shouldn't get anywhere close to it," he said.

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The two leaders are "very close" to a deal, a top Senate aide said.

Senate aides said the agreement would extend the Treasury's authority to borrow money through Feb. 7 and end the government shutdown, providing federal agencies with funds through Jan. 15. In the meantime, congressional negotiators would try to work out a longer-term budget solution.


Fitch Ratings on Tuesday put the government's AAA credit rating on watch for a potential downgrade because of the standoff. The company said that it believed the federal debt limit would be raised soon but that "political brinkmanship" was risking a default.

Treasury officials have said they cannot guarantee having enough money to pay all the government's bills after Thursday. If the debt limit is not lifted, "the Treasury would still have limited capacity to make payments," Fitch said, but "it would be exposed to volatile revenue and expenditure flows."

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Whether Congress can pass a bill quickly will depend on whether tea party conservatives led by Sen. Ted Cruz (R-Texas) mount a filibuster in the Senate to slow the process.

Reid and White House officials sharply criticized Boehner's tactics during the course of the day. But despite the rhetoric, Boehner already had accepted much of the framework of the Senate deal. Behind the scenes, McConnell and Boehner worked to coordinate procedural steps that could allow a House-passed bill to be rapidly amended and moved through the Senate.

Senators had indicated, however, they would wait only a day to see whether the House could muster a majority.

When the House effort collapsed, White House Deputy Chief of Staff Rob Nabors said he wasn't surprised. "We were never really sure what they were up to," he said.

In a WABC television interview Tuesday, Obama said White House officials had seen in the past that Boehner "can't control his caucus."

With nearly all House Democrats united in opposition to Boehner's proposal, he could afford to lose only about 15 Republicans. The speaker and his leadership team struggled to come up with a plan that could win conservative support. Throughout the day, members walked in and out of leadership offices, discussing options.