Senior administration official says about 800,000 employees could be furloughed during a government shutdown.
OVERSIGHT - ALL ARTICLES
Meeting is the latest effort to avert a government shutdown.
Americans cannot afford to ignore debt crises in Europe and democracy movements in the Middle East.
Funding bill would prevent a shutdown at the end of this week and fund the Defense Department for the rest of the year.
Sweeping reductions in government, safety net contrast with Obama's plan, but revenue assumptions and deficit estimates may not be credible.
Continuing resolution is not scheduled for vote.
Cantor says Obama rejected GOP's new one-week plan.
President says continuing resolutions are "not the way to run a budget."
OMB still has not directed agencies to release their specific contingency plans on how a government hiatus would affect employees.
Agreement offers best cost savings possible without legislative change, officials tell Congress.