Democratic and Republican leaders seem to have agreed on a deal that would cut about $40 billion in spending for the remainder of the fiscal year and capping 2011 appropriations at or below $1.050 trillion. House Speaker John Boehner made the pitch directly to President Obama and is now selling it to the House Republican Conference. It looks like there may be stopgap funding to keep the government operating while the details are ironed out.

The challenge will be keeping everyone on board if it cannot pass quickly. This deal isn’t likely to excite either party’s base. Democrats may not like accepting the Republicans’ final offer and avoiding a shutdown many of them thought would hurt the GOP; Republicans may be displeased that $40 billion is a lot closer to the Democrats’ starting bid of $33 billion than the Republicans’ $61 billion. But both sides could also conclude that this is the best they are going to get.

UPDATE: I’m hearing that the Senate will be required to hold up-or-down votes on Planned Parenthood and Obamacare funding.