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S&P Puts US on Creditwatch; Geithner Says 'We're Running Out of Time'

Pete Souza/The White House(WASHINGTON) -- Standard and Poor's says the U.S. government's AAA credit rating is being placed on Creditwatch and that there's a 50 percent chance it could be downgraded.

Treasury Secretary Timothy Geithner said Thursday that time is of the essence.

"We have no way to give Congress more time to solve this problem and we're running out of time," Geithner said. "And many Americans are growing frustrated with the stalemate over the debt problem."

Secretary Geithner called the looming debt issue "hugely embarrassing" and a "black eye" to the nation.  

"The good of the country is being held hostage for the interests of a very few," he added.

While debt talks will not resume Friday, there is possibility a meeting will take place over the weekend.  President Obama gave congressional leaders 24-36 hours to call him with a plan to move forward.

Copyright 2011 ABC News Radio

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