Republicans agree to raise the debt limit

Published: Apr. 17, 2011 at 9:37 PM EDT|Updated: May. 8, 2012 at 11:40 PM EDT
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Posted by Amy Kelch - email

WASHINGTON, D.C. (WAVE) - Treasury Secretary Timothy Geithner said Republicans have agreed to raise the debt limit. Although the issue is still being debated in Congress, Geithner said on Meet the Press that GOP leaders have already assured President Obama they will pass an increase in the government's borrowing limit. Geithner said not doing so would hurt the nation's credit rating and diminish worldwide confidence in the United States economy.

"Congress is going to have to raise the debt limit," said Geithner. "They understand that. That's absolutely essential to preserve the credit-worthiness of the United States of America."

Geithner said the U.S. will reach the current debt limit of $14.3 trillion by May 16.

"We're a country that meets its obligations," said Geithner.

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