July 31, 2011 8:24 PM EDT
A deal to raise the federal debt ceiling and avoid the first ever U.S. default is "very close," but House Democratic Leader Nancy Pelosi said Sunday there is a chance they may not pass it.
"We all may not be able to support it, or none us may be able to support it," Pelosi told reporters late Sunday night.
Earlier Senate Majority Leader Harry Reid said Sunday afternoon that he hopes a vote can happen Sunday evening to avoid a default by an Aug. 2 deadline, according to Reuters.
Top level negotiations were continuing on Sunday after an early afternoon attempt by Reid to see if one of his proposals would have enough votes to clear the Senate. It fell short of the 60 "ayes" needed to overcome a Republican Party filibuster. It could only manage a 50-49 vote in favor.
The deal currently being negotiated by McConnell and Vice President Joe Biden included a rise in the federal debt limit in two stages, for a total of $2.2 trillion. The increase would be large enough not to need another raise beyond the 2012 general election.
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On Friday, the Senate blocked a bill passed by the House handily, setting the stage for further negotiations.
Republicans and Democrats have been in discussions for months regarding the debt limit as the deadline has approached.
Leaders Remain Optimistic
Reid, a Democrat, remained "cautiously optimistic" a deal could be reached.
With 43 Republicans pledging to vote against his plan, Reid pushed ahead Sunday even though it was clear he wouldn't get the needed 60 votes to clear the hurdle in the Senate.
Fifty Senators on Sunday voted for cloture (to end the debate), including one Republican, Massachusetts Sen. Scott Brown.
And 49 senators voted against cloture, including Democrats Ben Nelson, Joe Manchin and independent Bernie Sanders.
Democrats fell 10 votes short of the needed 60 to overcome a Republican filibuster.
Reid actually voted "no" on his own bill, in the effort to keep the underlying bill alive to bring back later if and when agreement is reached for the anticipated deal between the White House and Congressional leaders.
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