THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING

AP sources: Significant progress in debt talks

By David Espo
AP Special Correspondent / July 30, 2011

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WASHINGTON—Officials say the White House and Republican leaders in Congress are making significant progress toward a last-minute agreement to avoid a default threatened for next week.

These officials say the two sides are discussing a plan to raise the debt limit by about $2.4 trillion and enact spending cuts of a slightly larger amount in two stages.

The deal under discussion would also require Congress to vote on a balanced budget amendment to the Constitution, but not require its approval.

The officials spoke on condition of anonymity, citing the sensitivity of the discussions.