Geithner confident of deal to raise US borrowing limit

TREASURY secretary Timothy Geithner said it is “unthinkable” that there would be a time when the US couldn’t pay its bills.

That is why he claims to be confident a deal will be struck to raise the government’s borrowing limit before August 2.

Washington hit its debt ceiling on May 16 but has used spending and accounting adjustments, as well as higher-than-expected tax receipts, to pay its bills and continue operating.