Geithner wants debt limit deal by next week

Posted: July 12, 2011 in US News

David Lawder
Reuters
July 12, 2011

WASHINGTON (Reuters) – Treasury Secretary Timothy Geithner on Tuesday said that time is running out for a deal to raise the debt limit, and wants a broad agreement with Congress in place by the end of next week at the latest.

Speaking at a finance symposium at the Treasury Department, Geithner vowed that Congress would raise the debt limit ahead of an August 2 deadline when the government will risk default, adding, “Failure is not an option.”

He said President Barack Obama will keep meeting with congressional leaders until a deal to raise the debt limit and slash future deficits is reached.

“We know we don’t have a lot of time,” Geithner said. “I think the leaders understand we don’t have a lot of time, and we want to wrap up the broad outlines of an agreement by the end of this week — certainly by the end of next week — so that we have time to legislate it and put it in place.”

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