Two-week continuing resolution keeps government funded through March 18.
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Seven-member panel of experts would examine status of 14,000 vacant facilities and 55,000 underutilized buildings.
Vice President Biden will assume the role of lead Democratic negotiator.
Jay Carney said the White House would accept up to $8 billion in cuts in a spending bill to keep the government running for a month.
Employees march against furloughs, other cuts as agency offers early retirement.
Cash-strapped agency says it needs immediate relief to avoid defaulting on advance payments to its retiree health fund.
Economic indicators are heading to a place where President Obama could win reelection.
Senator says inventory makes lawmakers and executive branch officials look like "fools" for failing to track and eliminate areas of overlap.
If a deal can't be reached, then Republican members would be OK with a series of two-week extensions for the rest of fiscal 2011, majority leader says.
Interior official dismisses the notion that the move was politically motivated in light of two hearings this week on the department's budget.