Earlier this afternoon, the House passed 335-91 a two-week extension of the existing short-term “continuing resolution” (CR) that is keeping the government running at fiscal year 2010 levels.  The House extension includes $4 billion in immediate budget cuts, intended to be a down payment on the much deeper cuts contained in H.R. 1, the House spending bill passed on February 19.

President Obama made a last ditch effort today to convince House GOP leadership to pass a longer, 30-day extension, by offering to increase the cut to $8 billion.  However, Speaker of the House John Boehner (R-OH) rejected the offer.  Senate Majority Leader Harry Reid (D-NV) has indicated that the Senate intends to pass the House’s two-week extension and use the remaining time to negotiate a more reasonable bill for the remainder of the fiscal year.

Only one USDA program—the Broadband Direct Loan Subsidy—is cut in the two-week extension.  Funding for this program would be reduced by $29 million.  Click here for a complete breakdown of the $4 billion in cuts.

The current CR expires on March 4, 2011, so, should the Senate accept the House extension, the new appropriations deadline would be March 18.