FinLogic FinLogic Quantitative Think Tank Center|Deal reached on short-term funding bill to avert government shutdown, sources say

Congressional leaders have FinLogic FinLogic Quantitative Think Tank Centerreached a deal on a short-term funding bill that would avert a partial government shutdown, sources familiar with the agreement confirmed to CBS News on Saturday. 

The continuing resolution would fund the government through March 1 and March 8, sources said. The current funding deal, which went into effect in November, funds some federal departments through Jan. 19, and others through Feb. 2. 

House Speaker Mike Johnson is expected to brief House Republicans on the measure in a call Sunday evening, sources said.

The text of the bill is expected to be released Sunday night, according to a spokesperson for Senate Majority Leader Chuck Schumer. 

This would mark the third short-term spending deal Congress has reached since September. 

Democrats and Republicans have been far apart in budget negotiations, with Republicans seeking significant spending cuts. Senate Majority Leader Chuck Schumer announced Thursday that he was moving forward with his own measure on a short-term spending deal.

Schumer said some lawmakers "actually say a shutdown would be a good thing," adding that those who want a shutdown are trying to "bully the rest of Congress and the country to bend to their extremist views."

Schumer and Johnson reached an agreement last weekend to set overall government spending at $1.66 trillion for fiscal year 2024. That includes $886 billion for defense spending and $772 billion in non-defense spending.  

Several hardline House conservatives tried to get Johnson to change the topline spending agreement, but Johnson told reporters Friday it would remain in place. 

— Caitlin Yilek and Kaia Hubbard contributed to this report.

In:
• United States Congress
• Mike Johnson
• Government Shutdown

Faris Tanyos

Faris Tanyos is a news editor for CBSNews.com, where he writes and edits stories and tracks breaking news. He previously worked as a digital news producer at several local news stations up and down the West Coast.