JERUSALEM — Political leaders on Friday signed agreements to form a new Israeli government that would almost certainly complicate the prospect of jump-starting a moribund peace process, focus attention on the economy and widen the rift between the ultra-Orthodox and more secular communities.

The deal was signed just days before President Obama was to visit Israel, helping shore up Prime Minister Benjamin Netanyahu’s diminished political standing but putting in place a government that could aggravate tense relations between Israel and the United States on the issue of settlements.

After weeks of tough negotiations, Naftali Bennett, a former leader in the settler community, and Yair Lapid, the founder of a new party focused on domestic affairs, on Friday agreed to join Mr. Netanyahu’s coalition, giving Israel a new government just ahead of Saturday’s deadline.

Mr. Bennett and Mr. Lapid abandoned their demand to be named deputy prime ministers, which had delayed the expected signing on Thursday. A spokesman for Mr. Netanyahu’s Likud Party said the prime minister had decided not to have any deputy or vice prime ministers in his third term.