Republicans, White House reach deal on debt extension to 2017

Washington

PRESIDENT Barack Obama and top lawmakers from both parties reached a tentative budget agreement that would avert a US debt default and lower chances of a government shutdown, lessening years of political friction over fiscal policy in Washington.

The accord would extend US borrowing authority until March 2017 - preventing a default as soon as next week - and include a two-year deal on spending levels. Details are to be worked out later, raising the prospect it will be punted to the next president.