WASHINGTON (AP) — President Barack Obama says proposed new federal rules would protect consumers from being stuck in a cycle of debt. He also warns Republicans that he will veto attempts to unravel regulations that govern the financial industry.

Obama says the Republican budget would make it harder for the Consumer Financial Protection Bureau to do its job. The White House released excerpts of remarks Obama planned to deliver later Thursday in Alabama.

Obama’s remarks come on the same day the consumer agency is announcing its proposal to set standards on payday lenders, a multibillion-dollar industry that has historically been regulated only at the state level.

Obama says the idea behind the proposal is simply that a lender should first make sure that a borrower can afford to pay the money back.