Geithner predicts debt-limit pact will be reached

Reuters News
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Posted: Jul 12, 2011 9:08 AM
Geithner predicts debt-limit pact will be reached

WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner said on Tuesday that the limit on the government's borrowing ability must be raised and predicted an agreement to do so will be reached.

Speaking at the beginning of symposium at the Treasury Department, Geithner said Republicans and Democrats know what is at stake in risking a default if the debt limit is not raised, so "failure is not an option."

(Reporting by David Lawder; Editing by Padraic Cassidy)