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In the interview, Geithner also said the administration would reject a budget plan that didn't include an increase in the federal borrowing limit. The current limit is expected to be reached either late this month or early next year.
"We are not prepared to have the American economy held hostage to periodic threats that Republicans will force the country to default on our obligations," Geithner said. "That would be a terrible thing for the financial security of the average American, for businesses, for confidence around the world and the United States." Geithner said he still thinks progress is being made in the budget negotiations and that the outlines of an agreement are becoming clearer. "They look inevitable," he said.
[Associated
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