“This is just the first step between now and the middle of December, before the Christmas break,” the president said. “The appropriators are going to have to do their job; they’re going to have to come up with spending bills. But this provides them the guidepost and the baseline with which to do that. And I’m confident that they can get it done on time.”

The newly enacted legislation (HR 1314) will suspend the $18.1 trillion debt limit until March 15, 2017, when the borrowing ceiling would reset at the level of debt at that time.

Obama said at the signing that Republicans and Democrats came together to “set up a responsible, long-term budget process,” that will create jobs and assist the economy.