Government shutdown looms - WKOW 27: Madison, WI Breaking News, Weather and Sports

Government shutdown looms

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WASHINGTON (AP) -- Congressional and White House staffers are working so that President Barack Obama can get "an answer in the morning."

That's what Obama said after a late meeting with congressional leaders. It was his second meeting of the day with House Speaker John Boehner and Senate Majority Leader Harry Reid.

The president said he wasn't ready to express "wild optimism" despite progress being made. He said work needs to be done to overcome a few "difficult issues."

Obama warned that a shutdown that looms for midnight Friday would directly affect hundreds of thousands and would cause disruptions for millions more. He also said that disrupting government operations would risk harm to the economy.

Meanwhile, the White House has announced the president has postponed a scheduled trip to Indianapolis for the morning.

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WASHINGTON (WKOW) -- The first federal shutdown in 15 years is closer to reality. 

If lawmakers cannot reach an agreement that can be signed into law by the end of Friday, about 800,000 non-essential government workers will be told to stay home.

Here's what would happen if lawmakers fail to come up with a spending plan and the government shuts down:

-Paychecks to the military would stop.

-The IRS will stop processing paper tax returns

-The Small Business Administration will stop making loans.

-Federal home loan guarantees will be put on hold.

-National parks, monuments and museums could close.

Thursday afternoon the House of Representatives passed a one-week stop gap measure.

The White House says quote, "the President will veto it."

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