Lew warns of dangers from automatic spending cuts
WASHINGTON (AP) — 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 said in prepared remarks Wednesday to the Senate Finance Committee.
The committee is considering Lew's nomination to succeed Timothy Geithner, who stepped down last month as Treasury secretary. Lew, who most recently served as Obama's chief of staff, is expected to win Senate confirmation late this month.
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