At 10:30 P.M. a compromise between Republican controlled House of Representatives and Democrat controlled Senate along President Obama finally came together to pass the 2011 federal budget. The agreement includes nearly $40 Billion in cuts in budget. The most reductions in US History. But This is just the beginning, Next up the battle for the raising the federal debt limit and the 2012 federal budget. From the AP via Yahoo News:
Perilously close to a government shutdown, President Barack Obama and congressional leaders reached a historic agreement late Friday night to cut about $38 billion in spending and avert the first federal closure in 15 years.
Obama hailed the deal as “the biggest annual spending cut in history.” House Speaker John Boehner said that over the next decade it would cut government spending by $500 billion — and won an ovation from his rank and file, tea party adherents among them.
“This is historic, what we’ve done,” agreed Senate Majority Leader Harry Reid, D-Nev., the third man involved in negotiations that ratified a new era of divided government.
The GOP got other concessions including a vote on Obamacare health care reform law and a loss of funding to hire extra IRS agents, and ban federal funding of abortion in Washington,DC. In return the House withdrew a rider to stop funding for Planned Parenthood.( That battle is postponed until the 2012 budget negotiations start in a few weeks.)