WH: Obama Regrets Vote against Raising Debt Limit

WASHINGTON (AP) — The White House says President Barack Obama regrets his vote as a senator in 2006 against raising the debt limit.

A fight over raising the debt limit is looming, and the White House is trying to explain away the apparent contradiction between Obama's previous opposition, and his position now that it must be increased.

Press Secretary Jay Carney said Monday that Obama believes his vote was a mistake. He said Obama now realizes that the debt ceiling is too important to be trifled with.

Republicans are threatening to withhold their votes to raise the ceiling unless Obama agrees to major spending reductions.

A failure to raise the debt limit would mean the government would not be able to make debt payments, leading to an unprecedented default on the national debt.