- CNTV English - CCTV News

Failure of raising debt ceiling "not an option": Geithner

07-13-2011 16:49 BJT

WASHINGTON, July 12 (Xinhua) -- The Obama administration is engaged in talks with the Congress on a deficit reduction agreement, and the nation's debt limit will be raised, U.S. Treasury Secretary Tim Geithner said here on Tuesday.

U.S. Treasury Secretary Timothy Geithner talks about the debt crisis on "Face the Nation" in Washington July 10, 2011. Geithner on Sunday said Republicans and Democrats know that "failure is not an option" and a debt agreement must be reached. (Xinhua/Reuters Photo)

"Failure is not an option. Both sides understand what is at stake and will come to an agreement," he said at a finance symposium held here on Tuesday.

He reiterated the administration's stance that a sound debt reduction deal should help "preserve the recovery in the near-term and reinforces the foundations for growth in the long-term."

"The president has made it clear he wants to do the largest deal possible. And he's put forward a number of things that are very difficult for him politically. He's willing to achieve savings across government from defense to entitlements as long as they are done responsibly, over time," he noted.

U.S. Treasury Secretary Timothy Geithner talks about the debt
crisis on "Face the Nation" in Washington July 10, 2011.
(Xinhua/Reuters Photo)

The federal government's borrowing limit, currently at 14.29 trillion U.S. dollars, was reached on May 16 this year. The U.S. Treasury Department warned the world's largest economy would default without an agreement to lift the limit by Aug. 2.

Obama was scheduled to host a new round of talks with top Congressional leaders on Tuesday afternoon, but experts said a deal remained unlikely unless both parties made concessions on some thorny issues including tax increases.

Editor:Wang Xiaomei |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program