Leaders from both the Democratic and Republican parties in Washington are engaged in a pressing campaign on Monday to persuade their members to support a compromise legislation aimed at preventing a national default, marking an unprecedented situation.

Following extensive negotiations, both sides are claiming victory in the marathon talks, CNN reported.

The chances of the bill being passed have increased, as numerous centrist Democrats have aligned themselves with the agreement reached between President Joe Biden and Republican House Speaker Kevin McCarthy.

Republicans remain confident that they will secure the support of the majority of their House conference in the crucial vote scheduled for Wednesday.

Both parties are targeting those in the political center, betting that they will accept certain provisions they may disagree with to suspend the federal borrowing limit until January 1, 2025, which is after the next presidential election, thereby averting a default.

The proposed bill includes a cap on non-defense spending, a temporary expansion of work requirements for certain food stamp recipients, and the clawing back of some Covid-19 relief funds.

Written by staff