Insert current date in datetime format mySQL

Question

I am having an issue inserting date properly into the  database.

$date = date('m/d/Y h:i:s', time());

I use this format, and, it echoes out correctly, however, when, I insert:

mysql_query("INSERT INTO table 
(dateposted) 
VALUES ('$date')");

But it doesn't work. Can someone please help me with this?