Via ABC News’ Jake Tapper:

Boehner caved.

Update: Boehner says, “this is the best deal we could get out of them.”

BREAKING: House Speaker John Boehner outlined the parameters of a long-term funding deal, telling his members in a closed-door meeting, “This is the best deal we could get out of them,” according to a lawmaker in the room who asked not to be identified.

The deal is still not official, Boehner cautioned, but in a sign things are coming to a close, the House is preparing for a 5–6-day short-term continuing resolution with $3 billion in cuts, he told members, according to the lawmaker. The meeting is still underway. Senate Majority Leader Harry Reid, D-Nev., was scheduled to address the Senate at 10:30 p.m. EDT.

Update: On the bright side, Allahpundit adds:

Here’s a slightly sunnier way to think of the $38.5 billion in cuts: “CNN Congressional Producer Deirdre Walsh reported that a senior GOP aide in the meeting called it the ‘largest real dollar spending cut in American history’ and said the proposal would cut more than $500 billion from the federal budget over the next 10 years.”

Update: Hope for defunding PP isn’t over, albeit very remote.

Update: No fed funding of abortions in DC.

Update: Here’s Dingy and Boehner’s official statement.

House Speaker John Boehner (R-OH) and Senate Majority Leader Harry Reid (D-NV) tonight released the following statement:

“We have agreed to an historic amount of cuts for the remainder of this fiscal year, as well as a short-term bridge that will give us time to avoid a shutdown while we get that agreement through both houses and to the President. We will cut $78.5 billion below the President’s 2011 budget proposal, and we have reached an agreement on the policy riders. In the meantime, we will pass a short-term resolution to keep the government running through Thursday. That short-term bridge will cut the first $2 billion of the total savings.”