By Sam Youngman - 07/31/11 03:21 AM EDT
The source said a report from ABC News that outlines an emerging agreement for a $2.8 trillion increase in the debt ceiling along with a trigger mechanism is not true.
“There are many elements to be finalized and there is still a distance to go before any arrangement can be completed,” Reid said.
Reid said he delayed a Senate vote on his debt-ceiling plan until Sunday afternoon at the request of the White House, which wanted more time to try and strike an agreement.
“I believe we should give everyone as much room as possible to do their work,” Reid said. “I spoke to the White House, quite a few times this evening, and they’ve asked me to give everyone as much time as possible to reach an agreement if one can be reached.”
The White House is trying to get a deal for raising the debt-ceiling through Congress by Tuesday.
Alexander Bolton contributed.