Treasury Secretary Timothy Geithner says the time is all but up, and Congress must raise the debt limit by August 2, or unleash financial hell.
“There is no way to give Congress more time to solve this problem,” Geithner told reporters in brief remarks outside the Senate chamber after meeting with the Democratic caucus.
“We’re a country that meets its obligations, we’re a country that pays our bills, and that we will act and do what’s necessary to make sure that we can maintain that commitment,” he added.
It’s the same argument Geithner’s made for weeks, but he renewed it Thursday as negotiations over raising the debt limit fray and Democrats publicly call into question the good faith of Rep. Eric Cantor (R-VA), the GOP’s chief negotiator.
“There is no wiggle room,” said Senate Majority Leader Harry Reid (D-NV). Asked if Congressional leaders can reach a deal if Cantor remains at the table, Reid lamented “unless he changes, and starts being someone who contributes to a solution, the answer is, ‘No.’ He has not been constructive in working out the problems we have.”
“Leader Cantor has yet to make a constructive contribution to these discussion,” said Sen. Chuck Schumer (D-NY).
Brian Beutler
Brian Beutler is TPM's senior congressional reporter. Since 2009, he's led coverage of health care reform, Wall Street reform, taxes, the GOP budget, the government shutdown fight, and the debt limit fight. He can be reached at brian@talkingpointsmemo.com.
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