The President of the United States and Congressional leaders have sketched together an agreement that would raise the nation's debt ceiling through the next presidential election, according to reports.

The tentative framework includes spending cuts of $1 trillion and the creation of a special committee that will recommend an additional $1.8 trillion in cuts, according to Economic Times, citing an unnamed source.

The plan would come into affect before Thanksgiving, the paper said.

The Associated Press also said the White House and Republicans in Congress have reached a debt deal.