Geithner: Confident default crisis will be averted

AP News
Posted: Jun 02, 2011 5:49 PM
Geithner: Confident default crisis will be averted

Treasury Secretary Tim Geithner has met with House freshmen and says he is confident a debt crisis will be averted.

Geithner met privately in the Capitol on Thursday to discuss the partisan standoff over boosting the government's debt ceiling. The session lasted nearly an hour, and Geithner told reporters afterward that he is confident that a default crisis will be avoided and that the two sides will reach an accord on a long-term fiscal plan.

Freshmen Republicans emerging from the meeting say they told Geithner they want President Barack Obama to present a specific plan for curbing the government's debt.

The government has reached its $14.3 trillion borrowing limit. Geithner has said Congress must extend the cap by Aug. 2 or there could be a first-ever federal default.