Under the proposal, which is set for debate and votes in Congress on Monday, the US debt ceiling would rise by up to $2.4tn from the current $14.3tn.
The US government deficit will be cut by a similar amount over 10 years, and a special bipartisan committee will also be set up to agree spending cuts.
Without a deal the US would face the prospect of defaulting on its debts.
Party leaders in the House of Representatives and Senate still have to present the deal to their members on Monday, before the package goes to a vote.
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