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White House's Lew says still time "to get something big" on debt deal

Sunday, Jul 17, 2011 - 01:52

July 17 - White House budget director Jack Lew told Meet the Press that there is still time ''to get something big'' done as lawmakers grapple with debt. Deborah Lutterbeck reports

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As the clock is ticking for U.S. President Barack Obama and Congressional leaders to find ways to lift the debt ceiling and reduce the deficit by an August 2nd deadline, one key White House adviser says there is still time to get something big now. Office of Management and Budget Director Jack Lew appeared on Meet The Press. SOUNDBITE: Office of Management and Budget Director Jack Lew Asmaa al Umary, saying (English): "I think there's still time to get something big done. And the president's made it clear he wants to do something substantial. Obama, who has been holding White House meetings with lawmakers, signaled he wanted to hear from Congress about a way forward in the stalled debt talks Congress must raise the $14.3 trillion limit on U.S. borrowing by Aug. 2 or the government will run out of money. SOUNDBITE: Office of Management and Budget Director Jack Lew Asmaa al Umary, saying (English): "If we don't raise the debt ceiling-- we won't be able to pay our bills in August. And that has dire consequences. It will, for the first time, mean the United States cannot keep its obligations. It will cascade through the economy. It will mean that people, regular people, who are buying homes and-- and-- and-- and cars will pay higher interest rates. It means that we will put a cloud over the United States that might not go away anytime soon. Republicans want a deficit-cutting deal in order to support raising the debt limit, but have balked at any plan that would include a tax increase. Ratings agencies Moody's and Standard & Poor's have signaled they may cut the gold-plated U.S. credit rating if the borrowing limit is not raised and deficit-reduction measures are not laid out. Deborah Lutterbeck, Reuters

White House's Lew says still time "to get something big" on debt deal

Sunday, Jul 17, 2011 - 01:52

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