Hostage takers have increased spending cuts to $3 trillion. Deal "very close" says McConnell

Roll Call posted this "Breaking News" alert:

Breaking News
Senate Minority Leader Mitch McConnell said Sunday that negotiators are moving closer to finalizing a debt ceiling and deficit reduction package of $3 trillion in spending cuts with no new revenues. It would include a vote on a balanced budget amendment to the Constitution and a joint commission to recommend entitlement reforms.

This is based on McConnell's interview on CNN today. More from the NYT:

Senator Mitch McConnell of Kentucky, the Republican leader, said Sunday morning that he is “very close” to recommending to his members that they sign on to a debt deal with President Obama and the Democrats.

Speaking on CNN’s “State of the Union,” Mr. McConnell said the deal includes as much as $3 trillion in cuts over the next 10 years, with much of that decided later this year by a joint congressional committee.

“What conservatives want to do is cut spending,” he said. “We’ve come a long way. This agreement is likely to encompass up to $3 trillion is spending cuts.”

That's more cuts than either the Boehner or Reid bills.