CNN is reporting that a deal to raise the debt limit is unlikely to be reached today before the Asian markets open.

Speaker of the House John Boehner will host a conference call with GOP lawmakers to brief them on the status of negotiations at 4:30 p.m. Sunday.

Lawmakers say their deadline for a deal is tomorrow — a point after which Senate and House rules would make it difficult to pass a debt limit increase before the August 2nd deadline.

ABC News is now reporting that the congressional leadership is speaking by phone, while their staffs huddle to reach an agreement.