US debt limit will be raised, Geithner says

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The Independent Online

Congress will have to raise the country's debt limit, and may need to do so before a deal on future budget deficits is agreed, the US Treasury Secretary Timothy Geithner has said.

In a television interview yesterday, Mr Geithner said: "Congress is going to have to raise the debt limit. The responsible people [on Capitol Hill] understand that. And I'm very confident they'll do this."

Earlier this month, Mr Geithner wrote to Congressional leaders warning that the current $14.3 trillion (£8.75 trillion) debt limit would be reached by the middle of May.