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."

WATCH:

Visit msnbc.com for breaking news, world news, and news about the economy

Comments

[waypointc]

05:33 PM on 07/13/2011

Where is the quote I liked best: "If we don't get an increase for the debt ceiling, we'll only be able to spend what we take in?"

Somehow, he envisions that as a bad thing????

[giwel7]

11:32 AM on 07/12/2011

"failure is not an option" no matter how horrible the deal?

[homeroid2]

11:31 AM on 07/12/2011

Yes boys and girls Timmy is a prime example of a good American education.....drop out now.

[kittylynn]

07:42 PM on 07/11/2011

This administration needs to bring in the Harvard professor Linda Bilmes, expert on war costs and "activity-based" costing. Her big idea is to rework the government accounting system so we can actually see where all the money is spent .... currently, the efforts to do "performance budgeting" have failed because the government, especially the Pentagon, doesn't lit where the money goes. The current stalemate is in large part because unlike the private sector, we have not been able to get rid of all the waste and overhead and useless duplicative government spending because its all buried in thousands of individual line-items that don't tell you anything. Send Jack Lew to Treasury and send Bilmes to OMB.

[waypointc]

05:37 PM on 07/13/2011

Wow, you mean we'd measure what the government agencies actually do? Rather than "activity" based, how about "results" based? I like that even better. So the Dept. of Education at $20BN would have to explain why education continues to decline despite billions of dollars on a bureacracy? We might actually shut programs down that don't work? I'm all for that. Dept of Ed first, followed by the Department of Energy, with HUD hard on its heels. Fanny Mae, Amtrak? We could even challenge the seemingly endless streams of Czars in the Exectuve Branch, aids in Congress, the first ladies multimillion dollar staff payroll? Gee, if we could actually account for that stuff, and eliminate the functions that actually add no value, I'd even support a tax hike over and above the trillions for the Affordable Healthcare Act!

[jo smith456]

04:52 PM on 07/11/2011

This man is OVERRATED. ...cannot accomplish anything, at all.

[themop123]

02:23 PM on 07/11/2011

It's interesting how Geithner says there is no Constitutional remedy to solidy the fear of everyone. When we are trying to discuss things like the Patriot Act and warrent less searches they clearly ignored the intent of the Constitution also. The goal is to pass reforms that previously got other people elected but now are inconvienent because they are far too expensive and unprofitable for corporations who currently have political influence. The United States currently has troops in the following places either directly or indirectly, Iraq,Afghanistan,Lybya,Syria,Pakastan,Yemen, and Eygpt and the amount of money being spent monthly on those conflicts is about 100 billion.
The reason that the wealthy want the deficit to be so high is that allows them to get back all their taxes because the government is so inefficent and they do it off the power that the government has of taxation and its ability to get low interest rates. The whole system is designed to redistribute most taxes paid back to the people that the government buys from.

[lqw]

01:31 PM on 07/11/2011

Is Geithner still leaving once the debt ceiling negotiations are over?

[rysagr]

01:31 PM on 07/11/2011

yeah we need to go after all those tax cheats right tim? ohh wait

[PickOneTwoThree]

12:15 PM on 07/11/2011

Michelle Bachman, from her vast experience as mother who 'raised 5 children and 23 foster children" thinks all that is needed is 'tough love'. Look it up -
http://www.radioiowa.com/2011/07/11/bachmann-says-time-for-tough-love-on-national-debt-audio/

In that instance she also says she would 'cut up the credit card'. Fine - except this is paying for debt already incurred (much under Bush and the Republicans). Instead of 'cutting up credit cards', if she doesn't vote to increase the debt ceiling, she's advocating not paying our debts - sounds like a deadbeat to me.

If nothing else, this proves, beyond any doubt, she is NOT ready to be President - she shouldn't even be in the House of Representatives.

[sgrimes889]

02:22 PM on 07/11/2011

At one time Nancy Pelosi was third in line, would that be acceptable?Hillary(lets just let the UN run things)Clinton? I could do the job better than those two clueless twits. Napolitano,Sibelieus?Kagan? NO WAY!

[waypointc]

05:51 PM on 07/13/2011

President Obama with years as a community organizer and almost a full term as a "present" Senator disagrees, vehemently. He believes that we should continue to borrow money to pay past debt and increase taxes that won't be paid because fewer people will be employed. Yup, I sure do agree with President Obama, because he's got Michelle Bachman's experience and economic knowledge beat. Indeed.

[JoeDoorman]

11:15 AM on 07/11/2011

Our real problem is... our government is run by and for... people with wealth, by people with great health plans... and great retirement packages. Their care more about themselves and their friends and financial supporters... then they do for the average American.

If we really want to fix Washington we must start at K Street.
There should be public demonstrations everyday.
All we should be talking about is K Street, and how "special interest" don't have any interest in helping this country.
Our politicians are nothing more than puppets, we should stop blaming them, they're truly helpless.
Lets put all the blame on the people who are truly ruining this country.
And call them out... everyday on K Street.
The American people have to turn K Street into Main Street.

[PickOneTwoThree]

12:16 PM on 07/11/2011

Start by turning out all Republicans. All politicians are indebted to the lobbyists on K Street - but Republicans have made it their major constituency.

[sgrimes889]

02:26 PM on 07/11/2011

Spoken by a true kool aid drinker from the far left. The Dems are just as deep into lobbyists if not more so. Why are losers like Barney Frank who cause the Fannie/Freddie debacle still there.He gave his boyfriend a high paying suck on the public teat,, What about mr "Taxes? Me?" "I write them, I don't have to pay them"Or Napolitano who has two "devout Muslims" with high clearance in Homeland Security. The woman who couldn't even keep Arizona safe.Please.Look in your own corrupt backyard first

[PWM]

12:38 PM on 07/11/2011

"I hope we shall... crush in its birth the aristocracy of our moneyed corporations, which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country." --Thomas Jefferson to George Logan, 1816. FE 10:69

"I see in the near future a crisis approachin ­g that unnerves me and cause me to tremble for safety of my country; corporatio ­ns have been enthroned, an era of corruption in High Places will follow, and the Money Power of the country will endeavor to prolong its reign by working upon the prejudices of the People, until the wealth is aggregated in a few hands, and the Republic destroyed. ­" -- Abraham Lincoln

[sharin]

08:43 AM on 07/11/2011

want a good laugh?:
Nightangle

After all the Stimulus monies of $700 billion, Q1 and Q2 supplement­al @ 6 billion a piece, and 3 bloated budgets, there is hardly any improvemen­t.

TARP was doled out by Geithner - so what happened to all that money ? It went to ACORN - undergroun­d system of welfare recipients and of course, truck load of cash went to Afghanista­n and the Taliban.

[PickOneTwoThree]

12:17 PM on 07/11/2011

Foolish post - foolish person.

You know nothing about TARP - probably not much about any else either. Not really worth my time to say more.

[sharin]

01:26 PM on 07/11/2011

I hope you realize the comment was not MINE - came from Nightangle

[sharin]

01:25 PM on 07/11/2011

let me clerify something. the comment above is from "Nightangle" - it was a response to one of my posts and when I read it I literally laughed out loud. Hence, "want a good laugh?:". I merely thought others might like a good laugh as well

[AZreb]

08:34 AM on 07/11/2011

How do you know when "Government Sachs" Geithner is lying? When his lips are moving. (Yep - stole that from Judge Judy).

Geithner has said he is considering stepping down after a "deal" is reached on the debt ceiling - then said some nonsense about the "foreseeable future". In other words, he hasn't received an offer from the big financial companies that is big enough yet - but give it time. Then he, like Chertoff, will be in a much better place than he is now.

[PickOneTwoThree]

12:18 PM on 07/11/2011

Not much of a fan of Geithner either - but he has a tough job. The economy was a mess - there were few options available for him in his position.

I would have been happier with more bankers in jail.

[rysagr]

01:32 PM on 07/11/2011

or people like tim

[sgrimes889]

02:28 PM on 07/11/2011

He made the mess worse. Can't even pay his own taxes.Thief.

[vuduvampirninjawitch]

08:11 AM on 07/11/2011

Isn't that what was sought during the stimulus planning process, "the biggest deal possible"? We all see how that turned out. Let the whole thing crash. Let all the welfare seeking countries starve. Open up bidding for the jobs of our senators and congressmen. Make them compete by proving their worth instead of letting them decide how much they are worth. Hold presidential candidates responsible for their claims and their actions on these claims made. Just because they say it was the right thing to do, or that they see it as success, does not mean it was. Don't be a sheep. If you are not furious about what is going on, then you need to educate yourself.

[PickOneTwoThree]

12:22 PM on 07/11/2011

This vote is for money already spent!

The stimulus was not the 'biggest deal possible' - it was the smaller deal that was able to get through a Republican (and right-wing Democrat) Congress). It was way too little - this is not a time to worry about the deficit.

Private enterprise is NOT spending - not because of taxes - they are lower than in a very long time - they are not spending because they like pocketing huge profits and bonuses. The only jobs they are creating are overseas.

YOU need to educate yourself so you don't blindly parrot the right-wing line - unless you are wealthy, it will hurt you!

[sgrimes889]

02:33 PM on 07/11/2011

You must be a kool aid drinker. Do you own a business or are you a union thug. Companies aren't spending money making jobs because they don't know what draconian rules and laws are going to come down on them.Between Obamacare and the NLRB business is bad. I have two brothers will small businesses and taxes,fees and regulations are killing them. They provide jobs,benefits,business with the community. When private enterprise or small businesses fail, towns fail. There is a ripple effect for the rest of the community and nearby communities.My brothers do not do business overseas. What do they get? They get deadbeat customers who do not want to pay their propane bill,people who think that they are owed their heat for free I guess.They get more taxes and more regulations.If you do run a business then you would know how difficult it is for people to keep going. If you are a union thug, then you don't care, you get paid anyway.

[jumpinjohn011]

10:57 PM on 07/10/2011

Maybe if tax cheat Geithner and the rest of the tax cheats payed their taxes and penalties we could pay off our national debt!

[PickOneTwoThree]

12:23 PM on 07/11/2011

If the top 5% paid their fair share, it would certainly go a great deal to pay off the debt! That, and an end to the wars.

[rysagr]

01:32 PM on 07/11/2011

nothing stopping the bamster form ending the wars

[sgrimes889]

02:43 PM on 07/11/2011

The top 1% pay more than their fair share. 50% pay no taxes at all.Is that fair?You could confiscate every dime that every corporation and wealthy person has,plus whatever the rest of us have, all investments and still not have the debt paid off.You cannot tax people to death to pay for those who will not stop spending. Do you just keep spending even though you have only a certain amount of money?Do you have a money tree in your backyard to just take off more?You cannot run the country like there is unlimited money . . the taxpayer has to cut and cut, so does the government . The first place is to stop funding the retirements and healthcare of Congress. Let them do what the rest of us do. Stop sending money overseas to those who hate us. Deport illegals. They cost us more than both wars. Free education,healthcare,social services,housing,whatever-put a stop to the gravy train with illegals.Make those LEGAL citizens who are able to work, get out and work whether they like it or not. Why should people get welfare who do not contruibute to anything except crime,illegitimate births,. There is a lot that can be done. When those on Medicaid have a nicer cell phone,Wii,and other games,HDtvs.nice cars,gold jewelry,something is wrong. They are not poor. If they can get these items they can work . And I am not making a racial comment.It goes for whites,hispanics,arabs, ,

[ran6110]

09:56 PM on 07/10/2011

Funny how the fixes aren't going to actually hurt any if the politicians (both parties) or their rich friends.

They (again both parties) changed the rules that allowed this to happen just so they and their rich friends could make a lot of money from gaming the system.

Now we (taxpayers) have to suck it up and suffer the pain while they fight for the scraps they've left.

The politicians don't care about fixing anything, they just want to make sure they've sucked out as much as they can for them selves and their rich friends before everything really falls apart...