Treasury Secretary Tim Geithner said Sunday that time was running out to get a deal in place to raise the debt ceiling before a possible U.S. default on Aug. 2.

"The two key things are we take default off the table, the threat of default off the table through the election and we put in place a framework of tough reforms that forces Congress to act relatively soon," Geithner told Fox News' Chris Wallace.

The Treasury secretary pointed out that President Barack Obama will veto a short term deal because it "makes no sense."

"We started the process seven months ago," he said. "We are running out of runway. I never thought they would take it this close to the edge and let politics get in the way of demonstrating we will pay our bills on time. It has taken us six [or] seven months. The idea that we're going to spend another seven months lifting the cloud of default from the American economy, it seems irresponsible approach. It would be bad for the economy. We don't think that makes sense."

Watch this video from Fox's Fox News Sunday, broadcast July 24, 2011.

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