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WASHINGTON (AP) - With time growing short, and most terrible warnings, the first fragile signs emerged Thursday of a possible compromise to raise debt limit of the nation and prevent a potentially catastrophic default on August 2 .

Under a plan discussed by the Senate's two top leaders, President Barack Obama would receive greater powers to raise the debt ceiling at the same time the procedures are set in motion that could lead to reductions in government spending Federal.

Word that Majority Leader Harry Reid, D-Nev., And Republican leader Mitch McConnell of Kentucky were at work in terms of decline came as Obama and congressional leaders held a fifth consecutive day of the debt crisis talks at the White House.

McConnell pronounced the session a good one. "We will continue to discuss a way forward over the next two days and see what happens," he said.

Obama was to have a say on Friday, hours of his second White House Conference News of the week.

House Republicans and Democrats planned closed-door meetings of the rank and file to review the spending cuts and tax increases proposed by one side or the other so far.

After weeks of political turmoil, it was trying to avoid a procedural default were along two tracks - the negotiation of the White House that seemed near an end, and the downturn that officials said privately presented the greatest opportunity to avoid a crisis.

A Republican, speaking on condition of anonymity, said that in talks at the White House until now, the negotiators had agreed on about $ 1.5 billion deficit cuts, much less than the $ 2.4 trillion, or if necessary to meet the demands of Obama that the debt limit goes up enough to tide the Treasury over through the 2012 elections.

A summary of this room Majority Leader Eric Cantor, R-Va. Prepared for the negotiations earlier this week showed most of the cuts from the budgets of the daily operation of federal programs.

There was also as much as $ 245 billion from Medicare, including higher premiums for wealthier beneficiaries, and additional savings from nursing homes and skilled care at home.The summary indicates that federal workers would pay more for their pensions, farm subsidies would be reduced and expenses of food stamps would be retained.

Two officials said Cantor did not speak during the session the day after Obama irritating Wednesday repeatedly to propose a debt limit increase in the short term the president has promised to veto.