Obama set to hear new fiscal plan

Washington -  US Senate Majority Leader Harry Reid on Monday voiced optimism over progress in urgent fiscal negotiations, saying he hoped to be able to present a new proposal to President Barack Obama later in the day.

The Democratic leader, who emerged from a half-hour meeting with Senate Republican leader Mitch McConnell, was asked by reporters whether he would go to the White House armed with a plan to end a 14-day-old partial government shutdown and to raise the limit on government borrowing.

"I hope so," Reid responded.

He and McConnell are set to meet with Obama at 15:00 ET (1900 GMT), along with House of Representatives Speaker John Boehner and House Democratic leader Nancy Pelosi.