Obama signed the bill Thursday while vacationing in Hawaii. The deal reduces across-the-board cuts already scheduled to take effect, restoring about $63 billion over two years. It includes a projected $85 billion in other savings.
It's not the grand bargain that Obama and congressional Republicans once had wanted, but it ends the cycle of fiscal brinkmanship for now, by preventing another government shutdown for nearly two years.
The bill signing marks one of Obama's last official acts in a year beset by the partial government shutdown, a near-default by the Treasury, a calamitous health care rollout and near-perpetual congressional gridlock.