RSS Excerpt

I’m using the following code to pull the HEADLINES from another blog. I would like to include and excerpt of the blog post as well. Can anyone tell me what to add to the code to get this done?

<?php
require_once (ABSPATH . WPINC . '/rss.php');
// insert the feed URL here
$rss = @fetch_rss('http://feeds.feedburner.com/blogspot/LTnB');
if ( isset($rss->items) && 0 != count($rss->items) ) {
?>
<?php
 // set the number of items from the feed to display (10)
$rss->items = array_slice($rss->items, 0, 6);
foreach ($rss->items as $item ) {
?>
<a href='<?php echo wp_filter_kses($item['link']); ?>'>
<?php echo wp_specialchars($item['title']); ?>
</a>
<?php } ?>
<?php } ?>