US budget negotiators have reached a tentative agreement on a framework package to raise the debt limit and cut the federal deficit, ABC News reported on Sunday.

Quoting unidentified congressional sources, ABC said the deal would raise the debt limit through the 2012 election, cut more than $1 trillion in spending over 10 years and set up a new congressional panel to recommend additional deficit reductions totaling more than $1 trillion.

ABC said members of Congress were expected to be briefed on the framework agreement later on Sunday morning. - Reuters