With a potential government shutdown hours away on Friday, President Obama, Speaker of the House John Boehner and Senate Majority Leader Harry Reid reached a last-minute agreement to continue funding government agencies for the remainder of the fiscal year.
Under the agreement, Congress will consider a resolution this week to fund government agencies for the rest of Fiscal Year 2011 and cut nearly $40 billion from FY 2010 levels, including $12 billion in cuts that were included in prior continuing resolutions. According to the House Appropriations Committee, total spending in the bill is $1.049 trillion.
To fund the government until the broader agreement is enacted, Congress passed a new short-term resolution that continues funding through Friday, April 15.
Remarks By President Obama
Joint Statement of Speaker Boehner and Senate Majority Leader Reid
Senate Appropriations Committee Summary
House Appropriations Committee Summary
Legislative Text of Proposed Continuing Resolution