Geithner On Debt Talks - WAOW - Newsline 9, Wausau News, Weather, Sports

Geithner On Debt Talks

(CNN)--Treasury Secretary Tim Geithner is pushing for a deal to raise the debt ceiling by the end of the week.

Today, he said a deal needs to happen by next week at the latest to give Congress time to turn the deal into law.

But Geithner said he's confident the debt ceiling will be raised by the August 2nd deadline.

 "We need an agreement that locks in place savings and entitlements that restores some balance to our long term fiscal positioning. We need to find savings across the government - all parts of the government - from defense all the other things that governments do. We have to find ways to demonstrate to the American people that we can use their tax dollars more efficiently, more carefully - get more out of the limited resources we face as a nation."

 President Obama and congressional leaders are expected to meet later today to continue talks over a deal.

Negotiations hit a speed bump over the weekend as Republicans refused to sign proposed deal because it included tax increases.

If the August deadline is not met, the U-S could begin defaulting on its debts.

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