Geithner: Congress will raise debt ceiling because ‘they have to’

He insisted that the GOP leadership in both chambers has told the president that it will find a way to raise the debt limit, even as Tea Party-backed lawmakers are mounting opposition to it.

However, he appeared to grant lawmakers more time to haggle over the issue than he had in the past — going so far as to indicate a deal could be struck weeks after the limit is hit in mid-May.

In previous letters to Congress, Geithner had called for a debt limit boost as soon as possible. While he mentioned in his interview that he still wants to see an increase “as quickly as possible,” he said Congress has “into June” to deal with it.

“But we don’t have much more time beyond that,” he added. “You don’t want to take it too close to the edge, because you don’t want to call into question the commitment of the United States to meets its obligations.”

While the Treasury expects to hit the limit by May 16, various budget maneuverings can help it avert a default until about July 8.

Republicans, and even some Democrats, have insisted that they will not support a hike to the $14.3 trillion debt ceiling without major spending reforms. But the administration, led by Geithner, has painted an increase as absolutely necessary and asserted that a failure to act would precipitate an economic catastrophe as the U.S. would default on its debts for the first time in its history.