"Significant progress" has been made in the ongoing debt limit talks between the White House and congressional Republican leaders, officials said on Saturday night.

The two sides are discussing a plan to raise the debt ceiling by about 2.4 trillion U.S. dollars and enact spending cuts of a slightly larger amount in two stages, Democratic officials told local press on condition of anonymity

These figures were in line with those outlined in a plan proposed by Senate Majority (Demcratic) Leader Harry Reid, which calls for lifting the debt limit by 2.4 trillion dollars and cutting spending by 2.2 trillion dollars over a decade.

Congress would be required to vote on a balanced budget amendment to the Constitution, but none of the debt limit increase would be contingent on its approval, according to the negotiators.

But under a two-stage plan that was put forth by House Speaker and No. 1 Republican John Boehner and already passed the House, the second tranche of debt limit increase next year would be contingent on Congress approving a balanced budget amendment to the Constitution and sending it to the states for ratification.

Reid Saturday night postponed a test vote until Sunday afternoon on a debt ceiling bill put forth by him in a bid to give negotiators more time to work out an agreement, a sign of hope that policymakers are sealing a deal.