Sen. Bob Corker, R-Tenn., said in a Squawk Box interview that it's very possible a debt deal may be forthcoming from talks between Senate Majority Leader Harry Reid and Republican leader Mitch McConnell.

"I've had some good conversations early this morning. It is between Mitch and Harry. And I think people want to see that come to fruition," said Corker, who is a member of the Senate Banking Committee.

But he argued, "The wildcard is what happens if we do something here when it goes over the House."