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Tim Geithner On CNBC: ‘Default Is Off The Table’

Treasury Secretary Tim Geithner, in an exclusive interview with CNBC Monday, said he is certain congressional leaders will strike a deal to raise the federal debt ceiling and that “default is not an option.” Geithner dismissed speculation he intended to step down, and focused his comments on the debt negotiations, insisting that both sides see the danger in failing to reach an agreement before August 2. “They’re not going to play around with this.”

“If the United States of America were to default it would be catastrophic for the American economy, for the American financial system, for the average American people, it would be a substantial unfair tax on all Americans and it would bring the world economy … to the edge of recession again,” he said. “There’s no alternative for Congress raising the debt limit and that’s why you’re seeing Republicans as well recognize that reality and take default off the table.”

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