Update: Obama says shutdown damaged US economy

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President Barack Obama says the government shutdown "inflicted unnecessary damage" to the U.S. economy and damaged America's credibility around the world.

Obama spoke from the White House hours after signing legislation to reopen the government following 16 days of a partial shutdown.

The deal came the night before the nation's debt limit was facing a breach.

Obama said while "these twin threats to our economy have now been lifted," the shutdown slowed economic growth.

RELATED: Southern Californians face backlogs, extra costs in aftermath of shutdown

Obama says the way that business is done in Washington has to change.

The president also took the opportunity to lay out his agenda moving forward.

He said the first focus should be on reaching a budget agreement. Congressional negotiators start discussing that issue Thursday.

Obama said both parties should pursue a budget that lowers deficits, invests in education and infrastructure, cuts unnecessary spending and closes corporate loopholes.

Obama also said Congress should finish an immigration bill by the end of the year. An overhaul passed the Senate but stalled in the House.

Obama's third priority is to pass an overdue farm bill. The House and Senate are at odds on that issue, too.

This story has been updated.
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