DEBT SHOWDOWN

Obama, Geithner: Debt Ceiling Will Rise

Don’t be thrown off by the partisan fingerpointing on Capitol Hill: Congress will raise the country’s debt ceiling, President Obama and Treasury Secretary Tim Geithner say. In comments at a Virginia community college and on CNBC, respectively, the two said both parties agreed that not raising the debt ceiling would be catastrophic. Geithner also dismissed the risk, highlighted by Standard & Poor’s Monday, of the U.S. losing its AAA credit rating. But Obama also emphasized the need to slash spending over the next decade. "The debate isn't about whether we reduce our deficit. The debate is about how we reduce our deficit," he said.