Geithner Wants Debt Limit Deal by Next Week

The Associated Press reports:

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."