Geithner: Default ‘Unthinkable’

William B. Plowman / AP Photo

In this photo provided by NBC News Treasury Secretary Timothy Geithner speaks about the economy on NBC's "Meet the Press" in Washington, Sunday, July 10, 2011. Geithner said President Barack Obama rescued the United States from a second Great Depression and will keep working to strengthen the economy. But he said many Americans will face hard times for a long time to come.

Tim Geithner, for one, is not worried about the U.S. going into default. "It's unthinkable we would not meet our obligations on time," he told CNN on Sunday. "It's not going to happen." The Treasury secretary said that congressional leaders are working hard on a plan, one version of which would set up a special committee to reform the U.S. budget in the coming months. “They need to have a framework,” Geithner said, “and that should happen today.” Geithner declined to answer if Obama had a back-up plan.