Photo: Asked if he thought a deal could be reached with Cantor at the table, Reid said he didn’t think so unless Cantor changes his tone and starts to contribute to the talks.
Treasury Secretary Tim Geithner said Thursday “we’re running out of time,” to act on raising the debt limit.After meeting with Senate Democrats, Geithner said he has concluded that he has “no way to give Congress more time to solve this problem.”
“We have to stand together and send a definitive signal that we are going to make good on our obligations,” he said.
Senate Majority Leader Harry Reid (D-NV) added that Geithner told his caucus that August 2 is the deadline to.
“We can’t wait until then, we need to make a deal before then,” adding “we’re already feeling consequences.”
“There is no wiggle room” Reid said. “The Moody’s warning should serve as a wake-up call to anyone who doubts that the consequences are real.”
Update: Sen. Chuck Schumer (D-NY) called on House Majority Leader Eric Cantor (R-VA) to back off his hard-line position on revenues and make some concessions in the ongoing negotiations.
“He is the only one at the table who has not,” Schumer said. “Leader Cantor has yet to make a constructive contribution to these discussions. More than anything else he is holding up the deal at this point.”
Update 2: Reid confirmed he was working with Senate Minority Leader Mitch McConnell (R-KY) on a revised version of his counterpart’s last ditch ‘contingency plan’ to raise the debt limit.
Asked if he thought a deal could be reached with Cantor at the table, Reid said he didn’t think so unless Cantor changes his tone and starts to contribute to the talks.
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