Tim Geithner: There Is No Plan B, And Everyone realises That Default Is Not An Option

Tim Geithner CNBC

Photo: CNBC

Tim Geithner is appearing on CNBC to talk debt ceiling issues.We’ll be updating this post LIVE as warranted.

The interview begins…

Geithner: Despite what you hear, people are moving closer together.

August 2 is still the deadline.

Question: Does Treasury have a plan?

Answer: The plan is for Congress to raise the debt limit. There’s no Plan B.

Obama will not dismantle the entitlements.

Lots of praise for the McConnell Plan going on, which is consistent with the idea that this is the direction in which things are going in Washington.

Now talking FinReg, and the idea that regulations are holding back lending: Don’t listen to banks.

Talking economy, Steve Liesman asks if Geithner is out of bullets.

And how long Geithner will stay in the job? Geithner: For the foreseeable future.

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