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Geithner: Seeking a Debt Deal by Afternoon


WASHINGTON (The Blaze/AP) -- One day after emergency debt negotiations at the White House ended after just 50 minutes, Treasury Secretary Timothy Geithner said 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.

U.S. 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 told ABC'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 Aug. 2. He said President Barack Obama still demands that any agreement extend beyond the 2012 elections.

Negotiations between the White House and congressional leaders have reached a crisis point with disputes over spending cuts and additional tax revenue.

View Geithner speaking on CNN's "State of the Union" Sunday in a separate interview:

Meanwhile, in an interview with "Fox News Sunday," House Speaker John Boehner said he's working to get out a two-part plan to raise the nation's debt limit, but couldn't say whether it would include Democratic support.

Boehner said he hopes to have a bipartisan approach to solve the problem, but he's ready to move forward with a Republican plan if a deal couldn't be reached.

The speaker flatly rejected the White House insistence that the plan get the country through the next election instead of offering a short-term fix while a longer-term solution can be worked out.

He said it's "not physically possible to do all of this in one step."

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