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Post by bot on Oct 21, 2013 9:42:33 GMT -5
Treasury's Lew makes White House case on shutdown
LOS ANGELES (MarketWatch) -- U.S. Treasury Secretary Jack Lew wrote an op-ed in Sunday's International New York Times pleading for members of Congress to avoid another shutdown and near-default. "Without question, the government shutdown and the debt-ceiling impasse have led to economic hardship in every corner of the country," Lew wrote. "While we do not yet know the exact magnitude of the damage, these events have generated unnecessary headwinds for the economy." Lew also weighed in on his views about the bicameral budget negotiations meant to head off another showdown, urging an end to sequestration cuts, which he said will have cut U.S. gross domestic product by as much as 1.2% by the third quarter of next year, according to the Congressional Budget Office. Lew's opinion piece dovetailed with an appearance on NBC's "Meet the Press" in which he likewise urged avoiding a repeat of this month's government shutdown.
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