Shutdown Near: 'Some Progress' In Latest Talks

Sen. Charles Schumer, D-NY on Wednesday said some progress was made in afternoon talks Tuesday meant to break an impasse on the 2011 fiscal year federal budget between House Republicans and Senate Democrats ahead of another possible meeting with President Barack Obama at the White House.

There's a a glimmer of hope for a deal to be struck, Schumer told NBC's Today Show.

Senate Majority Leader Harry Reid, D-NV and House Speaker John Boehner, R-OH sat down privately and had a productive discussion, Reid spokesman Jon Summers said Tuesday.

They agreed to continue working on a budget solution, he said.

The Congressional leaders are attempting to avert a federal shutdown ahead of an April 8 dealine.

Boehner said Tuesday after the White House meeting - and ahead of his private meeting with Reid - that a budget that cuts $33 billion from current spending levels for the next six months would not be enough to secure a deal.

Boehner is seeking at least $40 billion, according to reports.

President Barack Obama said on Tuesday that if House and Senate leaders could not reach a deal on the 2011 fiscal budget, he wants to meet with them again Wednesday until the matter is settled.

If they can't sort it out, then I want them back here tomorrow, Obama told reporters after a morning meeting on Tuesday in which the parties failed to reach a consensus.

Obama has already rejected a one week extension proposed by Hal Rogers, the head of the House Appropriations committee, saying previous extensions had been agreed to in order to give the parties the time to strike a deal.

Obama said the budget talks focusing on the remainder of the fiscal year - until September 30 - represent only 12 percent of the budget and will not significantly dent the deficit or the debt.