President Obama has signed legislation ending a 16 day shutdown of the federal government hours before exhausting borrowing authority, which would have brought the country close to a default on its loans.

Speaker John Boehner said the House would “not block a bipartisan agreement reached in the Senate that yielded virtually no concessions to the Republicans,” according to the New York Times.

The proposal was approved with a large majority in the Senate, and the House passed the deal a few hours later. The bill was signed about 12:30 a.m. on Oct. 17.

Under the new deal the debt ceiling will be raised until Feb. 7, and the government will be funded through Jan. 15. A separate motion will be made to reach a long-term plan for tax and spending policies in the next decade, which is expected to be reached on Dec. 13.