WASHINGTON — President Barack Obama on Monday signed into law a bipartisan budget bill that avoids a catastrophic U.S. default and puts off the next round of fighting over federal spending and debt until after next year’s presidential and congressional elections.
Obama praised the rare bipartisan cooperation behind the deal, saying that two-year agreement that funds the government through the 2017 fiscal year puts the government on a responsible path.
“It should finally free us from the cycle of shutdown threats and last-minute fixes and allows us to, therefore, plan for the future,” Obama said in brief remarks as he signed the bill.
Tuesday was the deadline for averting a default on U.S. financial obligations by raising the debt limit. Obama signed it in the Oval Office, shortly before departing on a day trip to New Jersey and New York to focus on the criminal justice system and to raise money for his fellow Democrats.
The legislation raises the limit on the government’s debt through March 2017, pushing reconsideration of the contentious issue until after the November 2016 elections.
