Obama on how professional politicians, not voters, better understand importance of raising debt ceiling

A transcript of the press conference is available here.

Meanwhile Geithner continues to predict disaster if debt limit not raised well in advance of August 2nd.

Treasury Secretary Timothy Geithner on Tuesday said that time is running out for a deal to raise the debt limit, and wants a broad agreement with Congress in place by the end of next week at the latest.
Speaking at a finance symposium at the Treasury Department, Geithner vowed that Congress would raise the debt limit ahead of an August 2 deadline when the government will risk default, adding, "Failure is not an option."
He said President Barack Obama will keep meeting with congressional leaders until a deal to raise the debt limit and slash future deficits is reached.
"We know we don't have a lot of time," Geithner said. "I think the leaders understand we don't have a lot of time, and we want to wrap up the broad outlines of an agreement by the end of this week -- certainly by the end of next week -- so that we have time to legislate it and put it in place." . . .