White House: Obama Open to Short Term Debt Ceiling Deal

Long-term deal may not be possible by October 17

President Obama would accept a short-term increase in the federal borrowing cap , rather than one lasting a year or more, a senior White House official said Monday. The statement was an acknowledgment by the administration that it may not be possible to reach a deal on a long-term increase in the debt ceiling before a critical Oct. 17 deadline.

Gene Sperling, director of the National Economic Council, said members of Congress ultimately have the responsibility to decide how often they want to raise the debt ceiling, although he argued that an extended hike is preferable.