Senate Minority Leader Mitch McConnell (R-Ky.) says the White House and Hill Republicans are "very close" to a $3 trillion debt ceiling deal that would include a two-step process to approve an immediate hike in the nation's borrowing power and a second vote later that would require two-thirds of Congress to disapprove of a new increase. The process, McConnell told CNN, would fulfill Obama's demand that any deal take him "through the next election" and include a bipartisan commission to recommend new cuts and revenue enhancement that would report its findings by Thanksgiving.
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