3/21/11: On Friday, President Obama signed the short term Continuing Resolution (CR) that will keep the federal government running through April 8. The bill was passed by the Senate on Thursday, and by the House on Tuesday. The signature came on the day the previous CR was set to expire.

The CR, the sixth of the fiscal year, cuts federal spending by roughly $6 billion from the current level, and provides funding for the government through April 8. It will maintain SEC funding at 2010 levels for the time being.

Aids for Senate Majority Leader Harry Reid and House Speaker John Boehner met with White House staff last week, and are expected to continue to meet this week. So far, the last two continuing resolutions have pared approximately $10 billion from discretionary spending in the federal budget. Republicans want $61 billion in total cuts. Democrats have pledged to look at military spending.

If the two sides are unable to reach an agreement, there will be a government shutdown after April 8.