Last night, after weeks of long and difficult negotiations over our national budget, leaders of both parties came together to avert a government shutdown, cut spending, and invest in our future.

This is good news for the American people. It means that small businesses can get the loans they need, our families can get the mortgages they applied for, folks can visit our national parks and museums, and hundreds of thousands of Americans will get their paychecks on time – including our brave men and women in uniform.

This is an agreement to invest in our country’s future while making the largest annual spending cut in our history. Like any compromise, this required everyone to give ground on issues that were important to them. I certainly did. Some of the cuts we agreed to will be painful – programs people rely on will be cut back; needed infrastructure projects will be delayed. And I would not have made these cuts in better circumstances. But we also prevented this important debate from being overtaken by politics and unrelated disagreements on social issues. And beginning to live within our means is the only way to protect the investments that will help America compete for new jobs – investments in our kids’ education and student loans; in clean energy and life-saving medical research.

Reducing spending while still investing in the future is just common sense. That’s what families do in tough times. They sacrifice where they can, even if it’s hard, to afford what’s really important.

A few months ago, I was able to sign a tax cut for American families because both parties worked through their differences and found common ground. Now, the same cooperation has made it possible for us to move forward with the biggest annual spending cut in history. And it’s my sincere hope that we can continue to come together as we face the many difficult challenges that lie ahead – from creating jobs and growing our economy to educating our children and reducing our long-term deficits.

That’s our responsibility. That’s what the American people expect us to do. And it’s what the American people deserve.

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