Obama praises congressional budget deal

President Obama is praising the new budget deal designed to avoid a debt default and government shutdown.

"This agreement will strengthen the middle class by investing in education, job training, and basic research," Obama said in a statement early Friday. "It will keep us safe by investing in our national security. It protects our seniors by avoiding harmful cuts to Medicare and Social Security."

The White House issued the statement after the Senate formally voted to sign off on the agreement.

Obama said the budget "is paid for in a responsible, balanced way -- in part with a measure to ensure that partnerships like hedge funds pay what they owe in taxes just like everybody else. It locks in two years of funding and should help break the cycle of shutdowns and manufactured crises that have harmed our economy.:

Also from the president's statement:

"This agreement is a reminder that Washington can still choose to help, rather than hinder, America's progress, and I look forward to signing it into law as soon as it reaches my desk.

"After that, Congress should build on this by getting to work on spending bills that invest in America's priorities without getting sidetracked by ideological provisions that have no place in America's budget process.

"If we can do that, we'll help our workers and businesses keep growing the economy and building an America full of opportunity for all."