Economy

Obama signs bill to fund government, raise debt ceiling

Barack Obama

Barack Obama

President Obama signed bipartisan legislation on Thursday that will fund the government through Jan. 15 and raise the debt ceiling through Feb. 7, restoring federal staffing to normal levels.

The legislation, which was unveiled by the Senate on Wednesday, cleared the House in a 285-144 vote and the Senate in an 81-18 vote, after weeks of negotiations between lawmakers and after Republicans backed down on their demand that the deal water down the Affordable Care Act, Fox News reports.

“We fought the good fight. We just didn’t win,” House Speaker John Boehner said, according to Fox News.

The plan does not include a provision related to the medical device tax or other parts of the law, as previous plans did. The plan would, instead, include a single provision intended to verify the income of individuals receiving Obamacare subsidies.

The legislation puts an end to the government shutdown that began at the start of the month. Both Democrat and Republican lawmakers said the deal was not perfect and that it pushes long-term decisions about the country’s financial health to another day.

“This deal is yet another promise to work on the problem tomorrow,” Sen. Mike Enzi (R-Wyo.) said, Fox News reports.

The deal came just after Fitch Ratings said it would place the country’s AAA credit rating on “rating watch negative” amid growing uncertainty over whether lawmakers could reach a deal before the default deadline on Thursday.

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