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(WASHINGTON) CNN — With less than an hour before the federal government would have shut down, President Obama praised the budget agreement on Capitol Hill and declared the government would “remain open for business.”

“Like any worthwhile compromise, both sides had to make tough decisions and give ground on issues that were important to them,” Obama said before cameras in the White House Blue Room as he acknowledged some of the cuts agreed to would be painful, with certain programs cut back and other projects encountering delays. “But beginning to live within our means is the only way to protect those investments that will help America compete for new jobs,” he said.

Obama also thanked Speaker John Boehner and Senator Harry Reid “for their leadership and their dedication during this process.”