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February 14, 2013

Lew warns of danger in spending cuts now

  • If confirmed as Treasury secretary, Jacob Lew will have a full plate: automatic spending cuts, China, Europe and the financial overhaul law.
    • By MARTIN CRUTSINGER
    AP Economics Writer

    WASHINGTON — Jacob Lew, President Barack Obama's nominee for Treasury secretary, is urging Congress to avoid steep automatic spending cuts that are set to take effect on March 1, saying they threaten the broader economy.

    The $85 billion in cuts would impose “self-inflicted wounds to the recovery and put far too many jobs and businesses at risk,” Lew told the Senate Finance Committee Wednesday.


     
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