Geithner: We Need a Deal Now

The Treasury Secretary says President Obama wants the largest deal possible and has put forth offers that are “difficult for him politically” in order to get a deal.

Money-PillsWASHINGTON, D.C. – Treasury Secretary Tim Geithner said he wants a deal to raise the debt ceiling and cut the budget by the end of this week — or next week at the latest — to give Congress enough time to turn the deal into law.

“We know we don’t have a lot of time, and we want to wrap up the broad outlines of the agreement by the end of this week, certainly by the end of next week,” Geithner said at the Women in Finance Symposium at the Treasury Department.

“Default is not an option, failure is not an option, and they understand that — Speaker (John) Boehner and Minority Leader (Mitch) McConnell — absolutely understand we need to move in advance of the deadline on Aug. 2nd,” Geithner said. “What’s at stake is whether we can put together a long-term fiscal plan that’s good for the economy.”

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Source: Jennifer Liberto | CNNMoney