(Image source: The Reid Report)

BY GEORGE DUMONTIER

ANCHOR ANA COMPAIN-ROMERO

You're watching multisource politics news analysis from Newsy.

Time is running out as the debate over the U.S. debt ceiling approaches dangerous limits.
On Tuesday, Treasury Secretary Timothy Geithner said- lawmakers need to act before the end of next week.

“Treasury secretary Tim Geichtner says a debt ceiling deal needs to be done well before the august 2nd deadline. A deal needs to be hammered out by the end of this week in fact or next week at the very latest.''

Geithner- along with the majority of financial analysts-- say the U.S. could experience financial chaos if the debt ceiling isn’t raised. But not everyone agrees. Here’s GOP presidential hopeful Michele Bachmann.

“...you know that when that happens the foreign markets are going to go crazy the dollar is going to plummet.  stocks are going to go crazy down down down. I don’t think Geithner is lying about this."

“Bill, we can pay off all of those obligations.”

“He says we can’t. Is he lying?”

“He’s wrong.”

But in a press conference Monday, President Obama expressed similar sentiments as Geithner -- saying the debate over the nation’s debt shouldn’t be a can kicked down the road.

 “Now is the time to deal with these issues, if not now then when? I’ve been hearing from my Republican friends for quite some time that It is a moral imperative that we tackle our debt and deficit in a serious way”

And businesses-- are with Geithner, saying the August 2nd deadline is too close for comfort.

“The business community in large numbers is saying to our leaders in Washington, ‘Do your job,’ ” said Business Roundtable President, John Engler... failure to make significant progress on long-term debt reduction will continue the uncertainty which is hampering our investment climate.”


Geithner says any debt deal should both reduce spending-- and nix tax breaks for the wealthiest Americans.

 

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Transcript by Newsy.