By Amie Parnes - 10/17/13 01:07 AM EDT
President Obama signed a deal to reopen the government and raise the debt ceiling on Thursday morning. [WATCH VIDEO]
Obama, who won a political victory with the congressional votes, hailed the deal, saying it would “begin to lift this cloud of uncertainty and unease from our businesses and the American people.”
The legislation would fund the government through Jan. 15 and raise the $16.7 trillion debt ceiling until Feb. 7.
Congress approved the debt hike one day ahead of the deadline for doing so set by the Treasury Department.
"Because of today’s efforts, we will continue to honor all of our commitments – a core American value – and preserve the full faith and credit of the United States," Treasury Secretary Jack LewJack LewCEO group urges Congress to act on proposed tax rules IRS doubted legality of ObamaCare payments, former official says Overnight Finance: GOP makes its case for impeaching IRS chief | Clinton hits Trump over housing crash remarks | Ryan's big Puerto Rico win MORE said in a statement Wednesday night.
The Treasury had said it would only have $30 billion on reserve after Oct. 17.
The new deadlines will set up new battles with congressional Republicans.
Obama refused to negotiate with Republicans over reopening the government and raising the debt ceiling, and he ended up making no concessions to the GOP.
Republicans had sought to end funding for ObamaCare or to delay it. They later backed off their demands but had still hoped to delay parts of Obama’s signature law.
The president urged Congress to break the pattern of what he called “governing by crisis” in the eleventh hour.
The new deal sets up a budget conference between the House and Senate in which Republicans are expected to press for entitlement and spending cuts, while Democrats press for tax hikes.
That will put Obama right back into the budget battles that have been a hallmark of his presidency.
On Wednesday night, the president expressed a willingness to reach across the aisle in those fights.
"I've said it before. I'll say it again. I'm willing to work with anybody, I'm eager to work with anybody, Democrat or Republican," Obama said. "I've never believed Democrats have a monopoly on ideas."
The president added that "there's a lot of work ahead of us including our need to win back the trust of the American people that's been lost over the last few weeks."
He also said he’d pursue other priorities, pledging to plow forward on agenda items including passing an immigration bill along with a farm bill.
Before he left the briefing room on Wednesday evening, a reporter asked if another budget battle loomed at the start of 2014.
Perhaps in a nod to best wishes rather than reality, Obama paused and thought about it for a moment, before heading to the exit, turning his head and replying, "No."
This story was updated at 12:00 a.m.