debt Ceiling from Edward E. Cambas.
WASHINGTON (Reuters) - U.S. lawmakers were close to a last-gasp $3 trillion deal on Sunday to raise the borrowing limit and assure financial markets that the United States will avoid a potentially catastrophic default. "We're very close," said Senate Minority Leader Mitch McConnell, the top Senate Republican who is playing a key role in the debt ceiling negotiations. White House senior adviser David Plouffe said there was general agreement on a deal that would cut the deficit in two stages. It was first time the White House had acknowledged that both sides were close to a deal. The first $1 trillion in cuts have been largely agreed on by lawmakers. Under the emerging deal described by congressional aides, a further $1.8 trillion would be recommended by a special committee appointed by Congress and automatic measures would implement the planned cuts if Congress failed to vote on them. "It is clear that in the first stage we're going to get ... an exten...