WH: Any deal must extend debt limit into 2013

July 24, 2011 - 9:59 AM

WASHINGTON (AP) — President Barack Obama's chief of staff says the president will veto any last-minute debt package from Congress unless it extends the nation's borrowing limit into 2013.

Top aide Bill Daley spoke as leading lawmakers scramble to put together a plan that could pass Congress by Aug. 2 and prevent an unprecedented government default.

Lawmakers are also seeking to slash the debt at the same time.

Daley was asked on NBC's "Meet the Press" if Obama would veto a plan that doesn't extend the limit into 2013, and Daley said: "Yes."

That threat isn't sitting well with GOP Sen. Tom Coburn of Oklahoma. He calls it "a ridiculous position because that's what he's going to get presented with."