Washington: President Barack Obama today signed into law a bipartisan budget bill that avoids a catastrophic US default and puts off the next round of fighting over federal spending and debt until after next year's presidential and congressional elections in November.

Obama praised the rare bipartisan cooperation behind the deal, saying that 2-year agreement puts the government on a responsible path. "It should finally free us from the cycle of shutdown threats and last-minute fixes and allows us to, therefore, plan for the future," Obama said in brief remarks as he signed the bill.