Jacob Lew Warns of Dangers from Automatic Spending Cuts

10:29 AM, Feb 13, 2013   |    comments
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WASHINGTON (AP) - Jacob Lew, President Barack Obama's nominee for Treasury secretary, is urging Congress not to allow automatic spending cuts to go into effect on March l.

Lew is telling the Senate Finance Committee in prepared remarks that the $85 billion in cuts would impose "self-inflicted wounds to the recovery and put far too many jobs and businesses at risk."

The committee is considering Lew's nomination to succeed Timothy Geithner, who stepped down last month as Treasury secretary. Lew is expected to win Senate confirmation but probably not until after Congress returns Feb. 25 from a weeklong recess.

The proposed cuts, known as the sequester, will reduce defense and non-defense spending. Lew says Congress must avoid doing anything that would "degrade our national security or derail the economic recovery."

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