Welcoming the news, the president said he was gratified that Congress passed the budget "so quickly and effectively".
"This budget builds on the steps we've taken over the last 100 days to move this economy from recession to recovery and ultimately to prosperity," he said.
But he also said that as the US tried to recover from the recession, it had to lay "a new foundation for growth."
"We can't go back to an economy that is built on a pile of sand - on inflated home prices and maxed-out credit cards; on overleveraged banks and outdated regulations."
"We have to lay a new foundation for growth."
Since taking office on 20 January, Mr Obama has, among other things, passed an economic stimulus package, ordered the closure of the prison camp at Guantanamo Bay, set a timetable for the withdrawal of US troops from Iraq and signalled a willingness to open up a diplomatic dialogue with countries like Iran and Cuba.
But as the president entered his 100th day in office, he faced a major domestic emergency in the form of the swine flu outbreak.
And the economic turmoil that has engulfed America since before Mr Obama entered the White House shows little sign of abating.
Apart from the stimulus package, Mr Obama has also attempted to shore up the economy with plans to recapitalise US banks and salvage failing car firms.
Mr Obama swept to victory in last year's presidential election with 53% of the vote.
The latest Gallup poll gives him an approval rating of 65%, virtually unchanged from his level of support on the day of his inauguration.
As he finishes the first phase of his presidency, Mr Obama is now expected to focus on passing his plan to give all Americans access to healthcare coverage, and introduce a cap and trade system to reduce carbon emissions and combat global warming.
Mr Obama's prospects of getting his ambitious agenda through Congress improved on Tuesday, when Republican Senator Arlen Specter announced that he was switching parties to become a Democrat.
If, as most people expect, the disputed Minnesota Senate race is decided in Democrat Al Franken's favour, Mr Obama's Democratic Party colleagues in the Senate will have the 60 votes they need to overturn any attempts by Republicans to block legislation.
WORDS TO DESCRIBE OBAMA
People were asked to describe President Obama in a word
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