Geithner: GOP leaders told White House they'll vote to raise the debt ceiling

The Republicans are spineless cowards and the Democrats are bold, Socialists/Communists. Is there time to build a third party to save our nation or is America forever lost? - Reggie

Treasury Secretary Timothy Geithner boldly predicted that Congress will vote to raise the debt ceiling next month, warning that failure to do so would bring "catastrophic" consequences for the U.S. and global economies.

Geithner, appearing on ABC's "This Week," said that if House Republicans were to push the vote to the brink or fail to raise the limit, it would "make the last [financial] crisis look like a tame, modest crisis."

Geithner said that Republicans have told President Obama they "recognize we have to do this, and we're not going to play around with it."

"There's no alternative, and they recognize that," Geithner said.

Geithner said the Republican leadership assured Obama in a meeting at the White House on Wednesday that they understand the gravity of the debt ceiling vote and that they will vote to raise it.

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