Treasury Secretary Tim Geithner confirmed Sunday morning to ABC News that President Barack Obama and Speaker of the House John Boehner are still negotiating a “grand bargain” after Friday’s highly public breakdown in talks.The $3 trillion deficit reduction deal — including $800 billion in new revenues — remains on the table, despite Boehner’s simultaneous effort to negotiate a separate deal in Congress, and without Obama.
On CNN State of the Union, Geithner said he sees two paths to raising the debt ceiling, the Obama-Boehner “grand bargain,” or the “last ditch” McConnell-Reid proposal. He added that “both sides are getting a lot closer on … the tough choices,” particularly their commitment to preventing default.
He added that “inevitably we will do [deficit reduction] in two stages,” but said Obama would only accept a single vote to raise the debt limit.
On Fox News Sunday, Boehner said he prefers a bipartisan plan to raise the debt limit, saying it is going to be a two-stage process.
“The preferable path would be a bipartisan plan that involves all the leaders, but it’s too early to decide whether that’s possible,” he said. “This is about what is doable in the 11th hour.”
He added that if there is no bipartisan deal, he and House Republicans are prepared to act on their own. “I’m going to do my best .. to put a framework out there today,” he said.
Boehner said he agreed to the $800 billion in new revenues, adding that “my last offer is still out there,” but “it may be pretty hard to put Humpty Dumpty back together again.”
On NBC’s Meet the Press, White House Chief of Staff Bill Daley said there is “no question” damage has already been done to U.S. Fiscal reputation because of debt stand off.
On Fox News Sunday Geithner refused to comment on his plans for after the August 2nd deadline, saying “we do not have the ability to protect the American people from the consequences” if the debt limit isn’t raised.
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