Officials seeking debt deal by afternoon: Geithner

Treasury secretary Timothy Geithner says congressional leaders are putting together a framework for raising the nation's debt limit with a goal of announcing a deal before Asian markets open Sunday afternoon.

Treasury secretary Timothy Geithner says congressional leaders are putting together a framework for raising the nation's debt limit with a goal of announcing a deal before Asian markets open Sunday afternoon.

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US officials worry that a lack of significant progress on the debt ceiling and other debt issues would roil worldwide markets when they open for business.

Geithner tells ABC television's This Week that congressional leaders in both the Republican and Democratic parties insist that the debt limit will be raised before the default deadline of August 2. He says President Barack Obama still demands that any agreement extend beyond the 2012 elections.

Geithner, who keeps the nation's financial books, says it's "unthinkable" that there would be a time when the US couldn't pay its bills. That's why he says he's confident of a deal before an August 2 default deadline.