The Federal Government may be on the brink of striking a deal with the Greens to scrap Australia's debt ceiling altogether in exchange for greater transparency over Government spending, although other parts of the Coalition's agenda remain stalled.

Prime Minister Tony Abbott yesterday threatened to schedule extra sittings of Parliament over the Christmas period to push through the Coalition's legislative agenda, which includes a plan to repeal the carbon tax and restoration of Temporary Protection Visas (TPVs).

He accused Labor of giving voters the "two-fingered salute" in opposing his Government's reforms.

Treasurer Joe Hockey has been in negotiations with the Greens to lift the Commonwealth's debt limit to $500 billion by next week's deadline, after the bill was rejected by the Senate.

Greens leader Christine Milne has told AM that her party will support the bill if the Government provides a detailed statement to Parliament each time debt rises by $50 billion, providing more information about why the increase is needed and how the money will be spent.

"In the last few years we've had all this talk about 'are we going more into deficit, when are we going to get into surplus', when we should have been having a discussion about 'well, what is the long-term infrastructure this country needs and how are we going to finance it?'

"Wouldn't this be a good time to actually do that while the cost of borrowing is considerably lower than at other times?

"They're the kinds of conversations we should be having.

"What this would mean is that there wouldn't be the debt ceiling, but instead there would have to be a justification for increasing the debt every time a threshold of an additional $50 billion was crossed.

"Tabling of that statement in the parliament would then mean there was an opportunity in both houses of parliament to have that debate."

Mr Hockey's Parliamentary Secretary, Steve Ciobo, says he would prefer it if Australia kept a debt ceiling.

"I personally would like to see the continuation of the debt ceiling, but unfortunately the Labor Party remains steadfastly opposed to taking economically responsibly actions," he said.

"The Labor Party is trying to be opportunistic and it's the Greens [who are] the only party willing to come to the table, to have a common sense discussion about what's in the national interest."

Greens want guarantees to banks and companies made public

The Greens are also proposing that details of guarantees to banks or companies like NBN Co or Medibank Private be made public.

Ms Milne rejected the suggestion that the move would threaten commercial confidentiality.

"It will remain that what has to be commercial in confidence would stay so," she said.

"But what it does mean is that you get a much fuller picture of the level of debt."

Ms Milne also suggested that the Government's budget projections, referred to as forward estimates, be extended from four to 10 years, to "allow the community to see what the Government is thinking about beyond the electoral cycle and what we're thinking about in terms of the infrastructure that we might be planning for".

Ms Milne conceded that making economic predictions beyond four years was questionable, but said the forward estimates could include a "reference to the degree of accuracy with which Treasury could actually predict" economic outcomes.

She said the Government had been "reasonably receptive to the idea that we need more transparency", and that "more than just the gross debt, we need to have a sense of the net debt".