BIRMINGHAM, Ala.—President Barack Obama on Thursday pushed for new regulations for payday lenders, saying short-term emergencies shouldn’t become long-term financial crises as a result of high-interest loans that can lead to escalating debts.

A day after the House passed a $3.8 trillion GOP budget, the president headed to Alabama to tout efforts that he said protect consumers and to continue his critique of congressional Republicans’ fiscal blueprint, asserting that GOP lawmakers want to roll back regulations that serve as...