WASHINGTON (CNN) -- Senate Majority Leader Harry Reid said Sunday there was no agreement yet on raising the federal debt ceiling, but "we are cautiously optimistic."
Reid made his comments after his counterpart -- Senate Minority Leader Mitch McConnell -- told CNN's "State of the Union" on Sunday that Democrats and Republicans are "very close" to reaching a deal on $3 trillion in spending cuts that would raise the debt limit.
"We had a very good day yesterday," the Kentucky Republican said, adding that the two sides "made dramatic progress."
With the deadline to reach a debt ceiling agreement just two days away, congressional leaders and the White House are mulling parts of a tentative deal that would extend the debt limit through next year.
A Republican source close to the negotiations told CNN the goal is $3 trillion in savings, and that the deal would include a $2.4 trillion increase in the debt ceiling.
Just hours before, two sources familiar with the negotiations told CNN that the framework of a tentative deal to raise the nation's debt ceiling calls for up to $2.8 trillion in total deficit reduction over the next decade.
The agreement, still being negotiated by the White House and bipartisan congressional leaders, would allow the debt ceiling to be raised by enough to last at least through the end of 2012.
The debt limit would be increased in two stages, both of which would occur automatically -- a key Democratic demand that would prevent a repeat of the current crisis before the next election.
Sen. Charles Schumer, D-New York, told "State of the Union" that the mood on Capitol Hill is "relief that we won't default."
While nothing is definite yet because there is no final agreement, "default is a lot less of a possibility now than it was a day ago," he said, adding that "leaders are talking in a constructive way."
The agreement includes upfront spending cuts in the range of roughly $1 trillion, the sources said. A special congressional committee would recommend additional spending reductions of up to $1.8 trillion no later than Thanksgiving. If Congress fails to approve the recommended cuts by late December, automatic, across-the-board cuts -- including both defense and Medicare -- would take effect.
News of a possible deal came shortly after the Senate delayed consideration of Majority Leader Harry Reid's debt ceiling proposal late Saturday night, pushing back a key procedural vote by 12 hours.
The vote to stop debate and end a GOP filibuster on the plan will now be held at 1 p.m. ET on Sunday, as opposed to 1 a.m.
Reid, D-Nevada, said he was asking for a delay to provide additional time for negotiations underway at the White House.
There are "many elements to be finalized" and still "a distance to go," Reid said. "We should give everyone as much room as possible to do their work."