07/10/2011 11:33 am ET | Updated Sep 09, 2011

Timothy Geithner On Debt Ceiling Talks: 'Failure Not An Option' (VIDEO)

WASHINGTON -- Treasury Secretary Timothy Geithner says the Obama administration wants to seek "the biggest deal possible" on debt reduction.

His comments Sunday follow word from GOP congressional leaders that the White House's $4 trillion package was off the table.

Geithner said during an appearance on NBCs' "Meet the Press" that reaching a deal requires compromise on both sides. The president is set to hold debt talks at the White House Sunday evening with leaders from both parties.

On CBS' "Face the Nation," Geither made similar remarks on the economic issue.

"What the president wants to do, and he's bringing the leadership to the White House thing evening, to keep at it, he wants to do the largest possible deal that's going to do the most for the economy," he said on the program. "And it's very hard politically, it's going to take some movement on both sides for that to happen. The president has made it clear he's willing to do some very difficult political things for him, for his party, but the Republicans are going to have to do some things too."

Geithner added that "failure is not an option" and explained, "The question is how good a deal it's going to be."

Below, video of what Geithner had to say on "Meet the Press."


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