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Senator Schumer says hopes for debt compromise Friday

WASHINGTON (Reuters) - A top Senate Democrat said on Friday he hoped Democrats and Republicans would reach a deal by day's end on a compromise bill to cut federal spending and raise U.S. borrowing authority.

"We hope a deal can be had by day's end" with Senate Republican Leader Mitch McConnell, Senator Charles Schumer told reporters. Such a deal would clear the way for the Senate to begin debating legislation over the weekend and pass it by Tuesday, when the Treasury Department thinks it will exhaust its current borrowing authority.

(Reporting by Andy Sullivan; editing by Todd Eastham)