its operations. but unlike the average american whose credit card would be shut off once that limit the government can give itself some wiggle room. treasury secretary tim geithner ordered the government to stop investing into retirement funds for federal employees in order to keep borrowing. congress needs to act before august 2nd. the federal government will default on its debts. the republicans said they will not approve raising the debt limit. house speaker john boehner says he's ready to cut a deal but doesn't think president obama is serious about the deficit. >> he's talking about it but i'm not seeing real action yet. >> reporter: jon kyl is part of the biden negotiations sessions. >> we're talking about optimistically. probably $2 trillion in savings that we've got to achieve to get