President Barack Obama warned Tuesday that he would not sign another stopgap spending bill without an agreement first on the 2011 budget, even as Republicans upped the ante, signaling that a $40 billion package of cuts might have the makings of a deal to avert a shutdown Friday. Speaker John Boehner’s office refused comment, but several individuals, Republican and Democratic, confirmed that the Ohio Republican had raised the $40 billion number at a morning meeting at the White House with the president.  

That translates into a $1.048 trillion top line for nonemergency appropriations, an $80 billion reduction from Obama’s 2011 budget request and more importantly, an additional $7 billion on top of the target in House-Senate talks. (via New compromise to avert government shutdown: $40B in cuts - David Rogers -

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