A final hour of debate on a compromise debt-ceiling bill is under way in the U.S. House, with a final vote expected about 6:45 p.m. ET, a senior GOP leadership aide says.
House Democratic leader Nancy Pelosi will support the compromise deal, a Democratic leadership aide says. It was unclear whether congressional leaders had the votes to ensure the bill's passage, particularly in the House.
Democratic and Republican leaders in the Senate are working on an agreement to hold a vote on Tuesday, according to multiple leadership aides from each party.
The legislation needs to reach President Obama's desk by Tuesday at the latest. If the $14.3 trillion debt limit is not increased by then, Americans could face rapidly rising interest rates, a falling dollar and shakier financial markets.
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