No effen way.

WASHINGTON — A plan by the Senate’s two top leaders to allow President Obama to raise the debt limit without congressional approval is emerging as the most likely strategy to avoid a looming federal default.

The plan being drafted by Senate Minority Leader Mitch McConnell of Kentucky and Majority Leader Harry Reid of Nevada would lock in roughly $1.5 trillion in deficit reduction over the next ten years — a figure considerably smaller than Republican leaders or President Obama had been seeking.

Administration officials have said they still would prefer a more sweeping deal on the deficit, but they signaled the idea would be acceptable to Obama.

Conservatives, particularly in the House, seem likely to oppose it. But with efforts to deliver a larger deficit-reduction deal still stalemated, the new plan, which builds on a proposal put forward earlier in the week by McConnell, could provide a way out of a dead end that has become politically and economically perilous.

House Speaker John Boehner (R-Ohio) indicated such “last-ditch” efforts may become more palatable in the time ahead.

“What may look like something less than optimal today, if we’re unable to get to an agreement, might look pretty good,” Boehner said.