Are you seriously trying to create a 24 hour movie in Premiere Elements?
I'm not sure if or what it's timeline duration is but, since DVDs and BluRay discs only hold an hour or two of video, I'm not surprised you can't make a 24 hour long movie.
Yes, 24 hours is the max Timeline Duration in PrE & PrPro.
I'd break that into separate discrete Projects. In PrPro, you could break into separate Sequences.
No, I'm not trying to create a 24+ hour movie but for ease and consistency I would like to be able to do all the edits in one mega session and then to split it off into 12+ two hour projects for burning. It always helps to know the boundaries of any software.