The New York Times:

Congressional Republicans conceded defeat on Wednesday in their bitter budget fight with President Obama over the new health care law, agreeing to end a disruptive 16-day government shutdown and extend federal borrowing power to avert a financial default with potentially worldwide economic repercussions.

With the Treasury Department warning that it could run out of money to pay national obligations within a day, the Senate voted overwhelmingly Wednesday evening, 81 to 18, to approve a proposal hammered out by the chamber’s Republican and Democratic leaders after the House on Tuesday was unable to move forward with any resolution. The House followed suit a few hours later, voting 285 to 144, to approve the Senate plan, which would finance the government through Jan. 15 and raise the debt limit through Feb. 7.

Shortly after the Senate vote, President Obama said he would sign the measure as he soon as he received it. While he praised Congress, he said he hoped the damaging standoff would not be repeated.

“We’ve got to get out of the habit of governing by crisis,” said Mr. Obama, who urged Congress to move forward, not only with new budget negotiations, but immigration changes and a farm bill as well. “We could get all these things done even this year, if everybody comes together in a spirit of, how are we going to move this country forward and put the last three weeks behind us.” …

“We fought the good fight,” said Speaker John A. Boehner, who has struggled to control the conservative faction in the House, in an interview with a Cincinnati radio station. “We just didn’t win.”

In a brief closed session with his Republican rank-and-file, Mr. Boehner told members to hold their heads high, go home, get some rest and think about how they could work better as a team. …

But there were no guarantees that Congress would not be back at loggerheads by mid-January and deep skepticism exists in both parties that Representative Paul D. Ryan of Wisconsin and Senator Patty Murray of Washington, who will lead the budget negotiations, can bridge the chasm between them.

Obama the Liar didn’t use the words of his former chief of staff, Rahm Emanuel, that you should never let a crisis go to waste.

Last thing next: This merely delays the next “crisis” until Jan. 7, so we’ll just have this whole political game refire up around Christmas, as pointed out in the last paragraph.

First thing last: House Republicans should immediately fire Speaker of the House John Boehner. One of the cardinal rules of politics is you never get into a fight you can’t win. Boehner lost. Boehner needs to go.

Tim Nerenz has a nicely pointed reaction: