Obama Open to Short-Term Debt Increase – Bloomberg

Obama Open to Short-Term Debt Increase – Bloomberg.

The Obama administration signaled it may accept a short-term increase in the U.S. debt limit only if lawmakers need a few days to finish work on a broader agreement to cut the deficit.

President Barack Obama “must have a firm commitment to something big” on cutting the deficit before he would sign a short-term rise in the debt ceiling, White House spokesman Jay Carney told reporters at a briefing. He released a written statement later saying Obama “does not support a short-term extension” unless “a few days” are needed “for a bill to work its way through the legislative process.”

The president called congressional leaders to the White House today as the Aug. 2 deadline for raising the $14.3 trillion debt limit nears.

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