Congress reaches agreement on continuing resolution

Congressional leaders begin work on drafting an agreement to keep the government operating without new spending bills.

House and Senate leaders said July 31 they have reached an agreement on funding the government into the first quarter of fiscal 2013.

Congressional leaders have agreed to cap spending under the continuing resolution at $1.047 trillion. It's the amount agreed to in the Budget Control Act in August 2011.

A continuing resolution keeps the government funding at current levels, if a formal appropriations bill has not been signed into law.

The fiscal year begins Oct. 1.

Reid said the agreement will provide stability for agencies in the coming months.

House Majority Leader John Boehner (R-Ohio) said members will draft legislation that the both chambers can pass and that President Barack Obama will sign into law.

The White House applauded the agreement.

“The agreement reached by House and Senate leadership to fund the government through the first quarter of 2013 is a welcome development,” the White House said in a statement. “We are encouraged that both sides have agreed to resolve this issue without delay.”