Please ensure Javascript is enabled for purposes of website accessibility

Lew Says Budget Deal With Congress Can Be Reached

By Associated Press - Apr 11, 2013 at 10:08AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Lew says in prepared testimony to the House Ways and Means Committee that the budget request put forward Wednesday represents a balanced approach.

WASHINGTON (AP) -- Treasury Secretary Jacob Lew is telling Congress that the Obama administration is optimistic about a budget deal, but he urged lawmakers to consider concessions already made in President Barack Obama's $3.8 trillion spending request.

Lew says in prepared testimony to the House Ways and Means Committee that the budget request put forward Wednesday represents a balanced approach. It claims $1.8 trillion in deficit reduction over the next decade, although $1.2 trillion of that would be devoted to reversing automatic cuts that were part of a 2011 budget deal.

The budget the administration unveiled on Wednesday contains spending curbs on Social Security and Medicare and new taxes totaling close to $1 trillion over 10 years.

Republicans who oppose tax increases have criticized the plan.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
330%
 
S&P 500 Returns
115%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/24/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.