The White House praised House Republicans for deciding to forgo a fight over raising the nation’s borrowing limit and said President Obama would likely sign a three-month extension of the debt ceiling even though he would prefer a longer-term deal.

House Republicans are set to vote on the three-month extension Wednesday, and White House spokesman Jay Carney said the president “would not stand in the way” if Congress approves the deal and it reaches his desk.

“What we saw happen last week was significant,” Mr. Carney said. “House Republicans made a decision to back away from the kind of brinksmanship that was very concerning to the markets, very concerning to business, very concerning to the American people …The fact that House Republicans made this decision is certainly something that we welcome.”