Top Republicans take default off table: Geithner

Reuters News
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Posted: Jul 18, 2011 8:42 AM
Top Republicans take default off table: Geithner

WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner expressed confidence that Congress would raise the debt ceiling and said on Monday that top Republicans had taken "default off the table."

"Despite what you hear, people are moving closer together," Geithner told CNBC television. "You have seen the leadership of the Republican party ... take default off the table. That's encouraging," he said.

Congress must raise the country's $14.3 trillion borrowing limit before August 2 in order to give the U.S. Treasury the authority to borrow more and keep the government solvent.

(Reporting by Rachelle Younglai; Editing by Padraic Cassidy)