U.S. President Barack Obama on Monday signed a budget deal. The deal helps to avoid a U.S. default, and means that debt limit was raised through March 2017.

Federal spending on defence and domestic programmes will rise over $80 billion for the next two years.

"Last week, Democrats and Republicans came together to set up a responsible long-term budget process. What we now see is a budget that reflects our values, grows our economy, creates jobs and keeps America safe. It should finally free us from the cycle of shutdown threats and last-minute fixes," Obama said.