U.S. Senate Majority (Democratic) Leader Harry Reid Saturday postponed for several hours a procedural vote on his plan to raise the country's debt ceiling until 1700 GMT Sunday.

He told reporters that the delay was meant to give more time to negotiators involved in an ongoing talks at the White House in a bid to avert a default on the public debt of the world's largest economy.

The vote had been scheduled for 0500 GMT on Sunday.

While the GOP voiced optimism about a final bipartisan compromise on the issue, Reid said there is still "a distance to go" before a deal might be reached before the Aug. 2 deadline to raise the debt ceiling.