Government officials are preparing for a possible shutdown if Congress fails to pass its current funding bill by midnight, according to published reports.

The Office of Management and Budget has begun preparations for a "lapse in appropriations," an OMB official told Reuters late Thursday.

U.S. Senator Rand Paul, R-Ky., has held up the bill, seeking a vote to restore budget caps. The agreement would boost federal spending by $300 billion over the next two years.

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