The Senate has passed a short-term budget deal that will keep the government funded through next Thursday. The measure was later approved by the House of Representatives.
"We have agreed to an historic amount of cuts for the remainder of this fiscal year, as well as a short-term bridge that will give us time to avoid a shutdown while we get that agreement through both houses and to the President. We will cut $78.5 billion below the President‚Äôs 2011 budget proposal, and we have reached an agreement on the policy riders. In the meantime, we will pass a short-term resolution to keep the government running through Thursday. That short-term bridge will cut the first $2 billion of the total savings," Senate Majority Leader Harry Reid and House Speaker John Boehner said in a joint statement issued after the agreement.
President Obama commended Democrats and Republicans on working together to reach a solution.
"The government will be open for business," Obama said. "That's because today, Americans of different beliefs came together again.
"In the final hours before our government would have been forced to shut down, leaders in both parties reached an agreement that will allow our small businesses to get the loans they need, our families to get the mortgages they applied for, and hundreds of thousands of Americans to show up at work and take home their paychecks on time."FULL STORY