Reid: ‘Still a distance to go’ in debt talks; Senate vote set for Sunday

After weeks of intense partisanship, President Barack Obama and congressional leaders made a last-minute stab at compromise Saturday night to avoid a government default threatened for early next week.

"There are many elements to be finalized...there is still a distance to go," Majority Leader Harry Reid cautioned in dramatic late-night remarks on the Senate floor.

Still, his disclosure that "talks are going on at the White House now," coupled with his saying progress had been made, offered the strongest indication yet that a default might be averted.

White House officials had no immediate comment.