Reid, McConnell praise progress in U.S. debt limit, funding talks

WASHINGTON (Reuters) - Senate Majority Leader Harry Reid said on Monday that he and his Republican counterpart, Mitch McConnell, have made strong progress toward reaching a deal to reopen the federal government and lift the U.S. debt ceiling, but there is still work ahead.

"We've made tremendous progress. We are not there yet," Reid said on the Senate floor. "We hope that with good fortune ... that perhaps tomorrow will be a bright day."

Reid and McConnell are trying to reach an agreement that would end a shutdown of many government agencies on October 1 and lift the debt limit before the U.S. Treasury exhausts the nation's remaining borrowing capacity on October 17, raising the risk of default.

"We've had a good day, we had a good day yesterday," McConnell said. "It's safe to say we've made substantial progress and we look forward to making more progress in the near future."

(Reporting By David Lawder and Richard Cowan; editing by Christopher Wilson)

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