Geithner: “Failure is not an option” on budget deal

The Treasury Secretary spoke on "Face the Nation" about the necessity that a deal be reached before Aug. 2.

Topics: Morning Clip, War Room, Budget Showdown, CBS, Timothy Geithner,

Geithner: "Failure is not an option" on budget dealIn this photo provided by CBS News, U.S. Treasury Secretary Timothy Geithner talks about the debt crisis on CBS's "Face the Nation" in Washington Sunday, July 10, 2011. Geithner said Sunday that the Obama administration wants to seek "the biggest deal possible" on debt reduction. His comments followed word from GOP congressional leaders Sunday that the White House's $4 trillion package was off the table. (AP Photo/CBS News, Chris Usher)(Credit: AP)

Appearing on CBS’ “Face the Nation” Sunday, Treasury Secretary Timothy Geithner spoke out against lawmakers like Michele Bachmann who have claimed the administration is using scare tactics to over-hype the debt crisis.

“On Aug. 2., we’re left running on fumes,” Geithner told host Bob Schieffer. “We have no capacity to borrow… We have to act; Congress has to act ahead of that point. If they don’t act, then we face catastrophic damage to the American economy.”

Geithner expressed confidence that a deal would be reached ahead of the Aug. 2. deadline, but noted that whether or not the deal would be good for the economy was a different matter. He told Schieffer that the Obama administration faced a difficult task in trying to broker the “biggest deal possible.”

Watch Geithner’s appearance below, via CBS:

 

Natasha Lennard

Natasha Lennard is an assistant news editor at Salon, covering non-electoral politics, general news and rabble-rousing. Follow her on Twitter @natashalennard, email nlennard@salon.com.

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