President Obama could agree to a short-term hike of the debt ceiling only if there are concrete plans in place to move quickly with a grand bargain, the White House said Wednesday.

White House press secretary Jay Carney stressed that Obama is opposed to temporary increases to the U.S. borrowing limit, but he opened the door a crack, saying that Obama could agree to something short-term in order to give lawmakers time to finalize a deficit-reduction plan like the one unveiled by the bipartisan Senate Gang of Six.

"The president does not support a short-term extension of the debt limit, period," Carney said. "The only exception to that is in the event that both sides reach a deal on a long-term extension of the debt limit plus significant deficit reduction, and we needed a very short-term extension, like a few days, to allow a bit of extra time for a bill to work its way through the legislative process."

The Gang of Six offered a $3.7 trillion deficit-reduction package that won quick bipartisan support in the Senate, but even members of the group said it is doubtful the plan could be scored and translated into legislative language by the Aug. 2 deadline for raising the $14.3 trillion debt ceiling.

ADVERTISEMENT

Carney acknowledged “overwhelming odds,” but insisted it was still possible move a big deal through Congress before Aug. 2.

“There is still time to do something significant, especially if all the parties are willing to compromise,” Carney said.

He added: “I'm not laying bets that it’s going to happen. But it would be a failure of leadership not to try just because the odds are overwhelmingly against it.”

Obama was set to meet with Democratic leaders from the Senate and House at the White House on Wednesday afternoon.

Carney announced on Twitter that Obama will meet with Speaker John Boehner John Andrew BoehnerLongtime House parliamentarian to step down Five things we learned from this year's primaries Bad blood between Pelosi, Meadows complicates coronavirus talks MORE (R-Ohio) and House Majority Leader Eric Cantor Eric Ivan CantorThe Hill's Campaign Report: Florida hangs in the balance Eric Cantor teams up with former rival Dave Brat in supporting GOP candidate in former district Bottom line MORE (R-Va.) at 5 p.m.

Tuesday night, after the House GOP's “cut, cap and balance” budget plan passed, Obama spoke by telephone with Senate Majority Leader Harry Reid Harry Mason ReidGOP senators confident Trump pick to be confirmed by November Durbin: Democrats can 'slow' Supreme Court confirmation 'perhaps a matter of hours, maybe days at most' Supreme Court fight pushes Senate toward brink MORE (D-Nev.), Senate Minority Leader Mitch McConnell Addison (Mitch) Mitchell McConnellIn rare move, Schumer forces vote to consider health care bill amid Supreme Court tensions COVID-19 talks hit crucial stretch Supreme Court nominee gives no clues in GOP meeting MORE (R-Ky.), Boehner John Andrew BoehnerLongtime House parliamentarian to step down Five things we learned from this year's primaries Bad blood between Pelosi, Meadows complicates coronavirus talks MORE and House Minority Leader Nancy Pelosi (D-Calif.).

Carney said that Obama was “immensely enthusiastic” about the possibility of the Gang of Six's plan going forward.

But Carney said the president continues to be supportive of Reid and McConnell's efforts to craft a back-up plan to ensure that the U.S. does not default.

The Gang's plan has been more cooly received by House Republicans. It has also been criticized from the left by Sen. Bernie Sanders Bernie SandersTrump, Biden clash over health care as debate begins Biden calls Trump a 'liar' and a 'clown' at first debate Biden mocks Trump campaign debate claims: 'I've got my earpiece and performance enhancers ready' MORE (I-Vt.) and AFL-CIO President Richard Trumka.





—This story was first posted at 2:12 p.m. and updated at 3:06 p.m.