–Senate Majority Leader Says Hill, Admin Are Still Working On Details
–Still Must ‘Figure Out’ How To Secure Spending Savings
–Senate Minority Leader: GOP Will Offer Balanced Budget Amendment
By John Shaw
WASHINGTON (MNI) – Senate Majority Leader Harry Reid Thursday said
that in talks on the 2011 fiscal year budget, Congress and the White
House have reached an agreement on the level of spending cuts, but still
need to resolve important details.
“We’ve agreed on a number,” Reid said in remarks on the Senate
floor.
“Now we have to figure out how to get to that number,” he added.
The White House and Congress now appear to agree that the final
FY’11 budget must cut spending by $73 billion below what President Obama
first proposed and $33 billion from current spending levels.
This means the parties now agree on a FY’11 discretionary spending
cap of $1.055 trillion.
Reid said the while it is critical to make cuts in the FY’11
budget, “they have to be smart cuts.”
Reid said there is still a “lot of work” to do before the final
FY’11 spending bill is completed.
The 2011 fiscal year began on Oct. 1 and the government has run on
six short-term funding bills.
Congress’s most recent temporary spending bill for the 2011 fiscal
year will keep the federal government funded until April 8.
The apparent breakthrough on the budget came after Vice President
Biden visited the Capitol Wednesday evening and met with senior
lawmakers for about 90 minutes.
** Market News International Washington Bureau: (202) 371-2121 **
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