With the debt limit deadline quickly approaching, Senate aidessaid Monday leadership is close to striking a two-yearbudget deal with the White House, including a debt ceiling raisethat will last until 2017.

The deal allegedly includes a multibillion dollar increase todiscretionary spending that will be equally dispensed betweendefense and non-defense spending in exchange for cuts to SocialSecurity and Medicare.

“As the details come in and especially if an agreement isreached, I intend to consult and discuss the details with ourcolleagues,” Majority Leader Mitch McConnell said Monday.

Congress has until Nov.3 to strike a deal to raise thedebt limit before the country hits its borrowing limit and faces apotential government shutdown after Dec. 11 if a budget dealisn’t reached.

Treasury Secretary Jack Lew warned if the debt limit isn’traised it could have detrimental effects on the global economy andthe country’s creditworthiness. The House failed to take up a bill last Friday thatwould have raised the debt limit by $1.5 to last untilMarch 2017.

“I would hope that we’d come to a resolution,Democrats and Republicans, that is good for our country and oureconomy.” Minority Leader Harry Reid said on the Senatefloor.

Budget legislation can be introduced as soon as Monday evening,meaning a deal can be struck before House Speaker JohnBoehner’s departure Friday.

Follow Juliegrace Brufke on Twitter