White House: Obama Wants Long-term Fix

The White House says President Barack Obama won’t accept a short-term extension of the nation’s debt limit because it would do more harm than good.

Obama met with congressional leaders at the White House on Saturday for about an hour. In a written statement afterward, his spokesman said a temporary extension could hurt the U.S. credit rating and force Americans to pay higher interest rates on credit cards and other consumer debt.

The White House said Congress shouldn’t be playing “reckless political games” with the economy.

Obama wants a debt-ceiling extension that will last through the end of 2012. Republicans have talked of a shorter extension.