Geithner: 'Unthinkable' US would default on debt

July 24, 2011 - 7:44 AM

WASHINGTON (AP) — Treasury Secretary Timothy Geithner (GYT'-nur), who keeps the nation's financial books, says it's "unthinkable" that there would be a time when the U.S. couldn't pay its bills.

That's why he says he's confident of a deal to raise the government's borrowing limit before an Aug. 2 default deadline.

Negotiations between the White House and congressional leaders have reached a crisis point with disputes over spending cuts and additional tax revenue.

Geithner tells CNN's "State of the Union" that President Barack Obama and House Speaker John Boehner are still talking.

He says the U.S. has a top credit rating and that despite all the rhetoric, there are signs that both sides are coming closer to an agreement. But he says the legislative process needs to get started by Monday night.