By Amie Parnes - 10/17/13 11:29 AM EDT
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 a Treasury Department deadline.
"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 Lew said in a statement Wednesday night.
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 healthcare law.
The president urged Congress to break the pattern of what he called “governing by crisis” in the 11th hour.