(CNSNews.com) - The budget deal cut late Friday by President Barack Obama, Senate Majority Leader Harry Reid (D.-Nev.) and House Speaker John Boehner (R.-Ohio) will allow $3.7555 trillion in federal spending in this fiscal year.

That is $773 billion more than federal spending was in fiscal year 2008--the fiscal year before Congress enacted a bailout for the banking industry requested by President George W. Bush and a $787-billion economic stimulus law request by President Barack Obama.

On Friday night, Boehner and Reid released a joint press statement saying that together with President Obama they had reached an agreement to cut spending in fiscal year 2011 to a level $78.5 billion below the president’s original budget request. “We will cut $78.5 billion below the President’s 2011 budget proposal,” they said...

House Republicans have unveiled the language of the long-term Continuing Resolution and are giving the pro-life community more good news when it comes to de-funding abortion and pro-abortion groups.

The deal pro-life Speaker John Boehner arranged late Friday night allows for the reinstatement of the ban on funding abortions in the District of Columbia, which is projected to save the lives of approximately 1,000 unborn children annually who may have otherwise become victims of taxpayer-funded abortions. The deal also forced the Senate to allow a vote on revoking the taxpayer funding of the Planned Parenthood abortion business, something pro-abortion Senate Democratic leader Harry Reid previously said he would not allow.

Today, in unveiling the language of the Continuing Resolution for fiscal year 2011, House Republicans have made further cuts that are sure to please pro-life advocates. Meanwhile, Reps.

Mark it on the calendar. The next big deadline in Washington is May 16, if not earlier.

Treasury Secretary Tim Geithner now estimates that the nation's debt ceiling will be reached no later than that date. In a letter to Senate Majority Leader Harry Reid, Geithner wrote that Congress must act in a matter of weeks to raise the limit or face a fiscal calamity potentially worse than the one from which the nation is recovering.

Geithner noted that the Treasury Department can take "extraordinary measures" to buy time -- about eight extra weeks, maximum -- after the May deadline. But he said once those measures are exhausted the U.S. government would not have enough money to pay its bills. Military salaries, Social Security payments and jobless benefits would cease, he warned, adding that a default on the debt would drive up interest rates, erode home values and cause a new financial crisis...

Senate Democratic Leader Harry gave a speech on the floor of the Senate this morning confirming Senate Democrats will not budge on requiring Americans to fund the Planned Parenthood abortion business in the federal budget.

“I’m not going to be part of that. I won’t do it,” he said about efforts to cut Planned Parenthood funding on the part of House Republicans.

Reid is objecting to a short-term continuing resolution that doesn’t de-fund Planned Parenthood but includes language that would put the ban back in place that prohibits taxpayer funding of abortions in the District of Columbia...

With a government shutdown half a day away, the Senate’s top Democrat said Friday the two sides are still too far apart to strike a deal and said he will try a longshot effort to pass a short-term spending bill later today.

House Republicans have already passed a one-week reprieve but President Obama and Senate Democrats have rejected that. Without a short-term bill, the government will run out of money and many operations will cease at midnight Friday.

“We’re very hopeful we can reach agreement,” Senate Majority Leader Harry Reid, Nevada Democrat, said on the Senate floor...

President Obama, saying the government was already "starting to move" on a federal shutdown, came out of another high-stakes evening meeting Thursday with congressional leaders without a budget deal that could keep the government running.

"I'm not prepared yet to express wild optimism, but I think we are further along today than we were yesterday," Obama said in the White House briefing room after the meeting with House Speaker John Boehner and Senate Majority Leader Harry Reid.

Yet with a shutdown possible as early as midnight at the end of Friday, Obama said he is pressing Democrats and Republicans to reach an agreement by Friday morning...

President Obama, after a high-stakes meeting Wednesday night with congressional leaders at the White House, called the discussion "frank" and "constructive" but said no budget deal was reached.

"If we are serious about getting something done we should be able to complete a deal, get it passed and avert a shutdown," Obama told reporters in the White House briefing room, though it remained unclear how the two sides would forge such an agreement.

A few minutes later outside the White House, Senate Majority Leader Harry Reid and House Speaker John Boehner stood side by side to update reporters on the talks...

House Speaker John Boehner dashed cold water Thursday on claims that the two parties had agreed on how much to cut from the rest of this year's budget, saying Republicans would "continue to fight" for an earlier budget proposal Democrats adamantly oppose.

Democrats had earlier claimed negotiators were working on a proposal for around $33 billion in spending cuts. Vice President Biden reported "good progress" on budget talks, and Senate Majority Leader Harry Reid, D-Nev., went so far as to claim the parties had "agreed upon a number."

But while that target is indeed on the table, Boehner said Republicans have not agreed to it...

President Obama has signed a second short-term spending bill to keep the government running, this time through April 8, giving lawmakers more time to agree on a package of spending cuts Republicans are demanding.

Obama signed the bill Friday at the White House before he heads out on a five-day tour of Latin America.

Administration officials have met with top aides to Republican House Speaker John Boehner and Democratic Senate Majority Leader Harry Reid to discuss budget cuts that would be included in a bill to fund the government through the end of the fiscal year on Sept. 30...

In a new interview, Speaker John Boehner talked about the upcoming strategy behind the next steps in the battle to de-fund Planned Parenthood and he urged pro-life advocates to be patient.

The House of Representatives approved an amendment Congressman Mike Pence offered to the continuing resolution bill to keep the federal government running. The amendment ensures the Planned Parenthood abortion business and its affiliates are not eligible for any federal taxpayer dollars across any federal programs or departments.

Although the House voted on a strong margin to de-fund Planned Parenthood, the next steps are more tenuous. The battle to yank federal funding is complicated by the fact that Senate Leader Harry Reid and his pro-abortion Democratic colleagues control the Senate agenda and pro-abortion President Barack Obama occupies the White House.