The negotiations between GOP leaders and President Barack Obama are "pretty encouraging" and could lead to a breakthrough to temporarily raise the debt ceiling and reopen the government, Rep. Kevin Brady, R-Texas, chairman of the Joint Economic Committee, told CNBC Friday. He also said that trying to repeal Obamacare as part of the budget talks was a "bridge too far."
A delegation of 20 House Republicans met with the president on Thursday—sparking hopes that an agreement may be near.
"I don't know the timetable. But the negotiations are pretty encouraging," Brady said in a "Squawk Box" interview—advocating the approach of buying "six weeks to come together with a solution to the debt ceiling."
He added, "Let's put the Budget Committee back together between the Senate and House, and find a resolution to our budget figures for the next year."
"And let's start to talk on how to reopen the government and what that final solution is on the debt ceiling," Brady said. "This could be a breakthrough."
Meanwhile, President Obama is scheduled to meet Friday with Senate Republicans. Ahead of that meeting, Sen. Tom Coburn, R-Okla., a banking committee member, told CNBC that he questions why the U.S. even has a debt limit. "If you always raise the debt limit, there's not a limit," he said.
"The debt limit is the one thing that will force the reality on Congress that we have to deal with our unfunded liabilities," he said on "Squawk Box" Friday. "We have a debt limit out there and it's the international financial markets. When they don't see us addressing the very real problems that are causing us to continue to have deficits then they're going to price our securities in such as way we can't afford them."