Government Shutdown Looms

From the Wall Street Journal:

The White House and Democratic lawmakers, with less than two weeks left to avoid a government shutdown, are assembling a proposal for roughly $20 billion in additional spending cuts that could soon be offered to Republicans, according to people close to the budget talks.

That would come on top of $10 billion in cuts that Congress has already enacted and would represent a deeper reduction than the Obama administration and Senate Democrats had offered previously in negotiations. But it isn't clear that would be enough to satisfy Republicans, who initially sought $61 billion in spending cuts and face pressure from tea-party activists not to compromise....

The Treasury Department this week is likely to issue an updated report on when it expects the ceiling on the federal debt will have to be increased; its most recent estimate was that the borrowing limit would be reached between April 15 and the end of May. ...

Anticipating tough tea-party opposition to raising the debt limit, Senate Republicans are planning soon to mount a new push for a constitutional amendment to require a balanced federal budget, which may be unveiled soon after Congress reconvenes this week.