Geithner: "We're running out of time" on debt talks

Treasury Secretary Timothy Geithner, second from left, makes remarks after a meeting with Democrats about the debt limit, Thursday, July 14, 2011. on Capitol Hill in Washington. From left are, Sen. Charles Schumer, D-N.Y., Geithner, Senate Majority Leader Harry Reid of Nev., and Sen. Patty Murray, D-Wash.

/ AP Photo/Evan Vucci

After yet another meeting with lawmakers over raising the borrowing limit of the United States, Treasury Secretary Timothy Geithner faced the television cameras with a stern warning: "We don't have much time."

"We've looked at all available options, and we have no way to give Congress more time to solve this problem, and we're running out of time," Geithner said today after meeting with Senate Democrats on Capitol Hill.

President Obama is engaged in intense negotiations with bipartisan congressional leaders over raising the debt ceiling -- the amount of money the U.S. government is technically allowed to borrow. As part of a deal to raise the debt ceiling, all leaders involved are interested in passing a deficit reduction plan, but talks have remained stalled over the parameters of the deal.

Mr. Obama, Geithner and others have warned that the nation could default on its loans or face other "catastrophic" consequences if the debt ceiling isn't raised by Aug. 2.

"The eyes of the country are on us, and the eyes of the world are on us, and we need to make sure we stand together and send a definitive signal that we're going to take the steps necessary to avoid default," Geithner said today, "and also take advantage of this opportunity to make some progress in dealing with our long term fiscal problems."

The Treasury secretary added that there was "unanimity" among Senate Democrats that the U.S. would do what's necessary to meet its financial obligations.

Stephanie Condon On Twitter »
Stephanie Condon is a political reporter for CBSNews.com.

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17 Comments Add a Comment

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ryanhn says:: Why does Geithner always look like he's ready to take his ball and go home?; reply

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wfw3536 says:: Why should I believe this guy when he couldn't even figure out his taxes two years running. He was also in charge of the New York Fed when the big banks took us to the cleaners.; reply

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dennisall77 says:

Is congress the NFL? Are people really trying to play this as a team sport? I sure thought we were all on the same team. Cantor is simply playing to the base to position himself for 2016 when Obama leaves office. But this chicken game is childish. Everyone knows we cannot default and everyone knows it was raised 7 times under Bush... soooo, Repugs plan to make it a sin to raise it now and when it happens, as it has to, they will blame the sin on Obama. Sly stuff...


retm-w replies:: linkicon reporticon emailicon; You tea party idiots want no regulations, we see where that got us, and you want the U.S. to be like a third world country, slave wages, no benefits, no work rules, no voice for the worker. Now that's the GOP agenda and that's communism.


dennisall77 replies:: linkicon reporticon emailicon; crybaby, your radicalism disqualifies you from further commentary... if you had any sense, you would refrain from the over the top inflammatory language.

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nottellin1 says:: After all recipients of federal pay take a 20% pay cut especially senators and congress then we can discuss other debit reduction measures. Until the pain that the rest of the country is feeling is felt in DC, no taxes or service reductions should be considered.; reply

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carolo43 says:

Quinnipiac University's Polling Institute released a survey Thursday showing voters, 67% to 25%, prefer a deficit-reduction deal that includes both spending cuts and higher taxes on the wealthy. CNN's poll is the same.


ajvw replies:: linkicon reporticon emailicon; So carolo, how much is my fair share of taxes? Is my fair share higher than your fair share? If so, how is that fair? Come on, give me a number. How much is my fair share?