WASHINGTON - US budget negotiators have reached a tentative agreement on a framework package to raise the debt limit and cut the federal deficit, ABC News reported on Sunday

Quoting unidentified congressional sources, ABC said the deal would raise the debt limit through the 2012 election, cut more than $1 trillion in spending over 10 years and set up a new congressional panel to recommend additional deficit reductions totaling more than $1 trillion.

ABC said members of Congress were expected to be briefed on the framework agreement later on Sunday morning.

The United States is not going to default, Senate Republican leader Mitch McConnell said Sunday morning in an interview with CNN.

"We're very close to a deal," McConnell added.

He said that both parties were working on a 3 trillion U.S. dollars debt ceiling package, and some conservative GOP members wanted a balanced budget amendment to the Constitution included in the deal.

Leaders from both parties are discussing the compromise plan "in a constructive way," Democratic Senator Charles Schumer said on Sunday.

However, Schumer held that it was "premature" to say now that a deal has been reached, as there are many details to talk about before sealing a deal, Schumer added.

There has to be compromise on each side to push forward a solution in a divided government and Congress, noted Schumer, adding that the negotiators were discussing defense cuts of equal magnitude to domestic spending cuts.