Congress and the White House are reportedly close to reaching a budget deal

Congressional leaders in both parties and President Obama are reportedly nearing an agreement on a budget deal that would avert a default on the government's debt and fund the government through sometime in 2017, The New York Times reports. Though the details are not yet finalized, the deal will reportedly raise the federal borrowing limit while modestly increasing domestic spending over the next two years in exchange for cuts to Medicare and Social Security benefits.

The government needs to secure a deal before the Nov. 3 deadline, and a temporary spending measure that averted a government shutdown in October lapses on Dec. 11.

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