The White House and congressional leaders reached a two-year budget deal overnight to lift mandatory spending caps on defense and domestic programs and raise the federal debt ceiling in an attempt to avert yet another fiscal standoff.

US House of Representatives Speaker John Boehner presented details of the pact to his rank and file in a closed-door meeting early on Tuesday in hopes of advancing it to a floor vote by Wednesday and sending it to the Senate for passage.

If Congress does not raise the debt ceiling quickly, the federal government could begin moving into default next week because the Treasury Department would no longer be able to borrow money. It has estimated that funds will be mostly exhausted by next Tuesday.