President Obama would agree to a short-term extension of the federal debt ceiling if there is agreement on a significant deficit reduction plan by Democrats and Republicans that needs more time to be passed by Congress, White House Press Secretary Jay Carney said Wednesday.
Obama has steadfastly opposed a short-term deal, going as far as to threaten to veto any legislation that contained such provisions. But Obama declared a long-term deficit-reduction plan unveiled Tuesday by the bipartisan "Gang of Six" senators consistent with his approach to solving the problem. Senate Democratic leaders say that further negotiations on that plan are needed to work out the deal and it would not get through Congress before the country reaches its debt ceiling on August 2.
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