October 24, 2013
US Treasury Secretary Jacob Lew called Thursday for Congress to replace the programmed “sequester” spending cuts with more sensible reductions that will not retard economic growth.
Laying out the Obama administration’s views on negotiations just starting, Lew warned that the sequestration, which could increase the cuts forced in fiscal 2013 by nearly $30 billion in the current 2014 fiscal year, will act as a drag on economic growth.
“Any bipartisan agreement should be animated by a commitment to doing two things at once: reducing our medium- and long-term deficits while taking steps to make our economy more competitive,” Lew said.
This article was posted: Thursday, October 24, 2013 at 11:33 am