You can get around it by manually creating your video and posting it to YouTube, per the FAQs to the right of this forum.
Most people find this produces a higher quality video also.
It does that with me, too. I'm using premiere elements 8 and the only reason I can think that it does that is because my version was made when 10 minutes was the limit. What I always do now is just make the movie into a video file and save it to the PC, then upload it using their website. That way, I can specify exactly what setting I want and take advantage of youtube's unlimited length limit (at least, they gave me an unlimited video length upgrade, and I heard that will be normal soon). also the uploads are usually better quality than premiere's presets.
You have answered my question, thank you so much guys.