Lawmakers Looking at $3-4 Trillion Deal: Aide

WASHINGTON -- U.S. lawmakers are making a last-ditch effort to put together $3 trillion to $4 trillion in deficit reductions to clear the way to raise the debt limit, a congressional Republican leadership aide told Reuters.

The aide also said leaders want to be able to "show progress" toward a deal by 4 p.m. EDT Sunday, which would be before Asian financial markets open.

The aide said negotiators are looking at a "two step process" for the deal, but the aide would not provide details other than to say that no revenues would be part of the package.