ABC News' Jonathan Karl reports:
Asian markets? They are on their own. A Republican source tells ABC News negotiators do not expect to have a deal or even the framework of a deal on the debt ceiling by 4 p.m. today, as House Speaker John Boehner had said he wanted to steady jittery Asian markets when they open.
In fact, the source says a deal today is now looking unlikely.
The principals are speaking over the phone while the staffs work on the numbers. Congressional Democrats and Republicans continue to try to hash out a compromise, but they are not there yet.
Separately, the source says that the big "grand bargain" now looks, once again, to be "pretty dead" — not buried yet, but not really breathing either. Despite the positive comments by Boehner and Treasury Secretary Tim Geithner this morning, the large deficit reduction plan seems to be too much, too late to accomplish by the Aug. 2 deadline.
"A deal is still elusive," said one top House Republican.