Breaking News: Government shutdown averted

Close to a midnight deadline, the White House and congressional leaders reached an agreement to cut billions of dollars in spending to avoid the first government shutdown in 15 years.

House republicans huddled for a dramatic late-night meeting and with deadline looming, they chose to cut a deal.  "I'm pleased that Senator Reid and I and the White House have been able to come to an agreement that will in fact cut spending and keep our government open" said House Speaker John Boehner.  "Leaders in both parties reached agreement that will allow our small businesses to get the loans they need, our families to get the mortgages they applied for and hundreds of thousands of Americans to show up at work," explained President Barack Obama.

House Speaker John Boehner says the House will vote on a bridge resolution tonight and finalize an agreement next week.

This fight by the way is about this year's spending plan.  The fight over the 2012 budget is next.