April 7th, 2011
03:08 PM ET
WASHINGTON (CNN) - House Speaker John Boehner, R-Ohio, and Senate Majority Leader Harry Reid, D-Nevada, announced Thursday afternoon that negotiators had not yet been able to reach an agreement on a federal budget covering the remainder of the current fiscal year.
The two men made the announcement after emerging from a round of talks at the White House with President Barack Obama. They said they expected to resume talks later Thursday afternoon and would return to the White House for additional discussions at 7 p.m. ET.
If Congress and the White House cannot reach an agreement by midnight Friday, when the current spending authorization measure expires, parts of the government will close down.
The measure, which passed 247-181 in a largely party-line vote, funds the Pentagon for the remainder of the current fiscal year. It would also slash federal spending, however, by another $12 billion and is strongly opposed by Democrats in both Congress and the White House because of the programs for which funding would be cut.
Reid declared the bill a "nonstarter" before it cleared the House. The White House promised a veto if it reaches Obama's desk.
The president "does not believe that we should sign another short-term measure that carries within it a lot of policy implications in order to kick this can down the road," White House press secretary Jay Carney said. "It is simply no way to do business." (click here for the latest)