Lew cites need to avoid budget cuts and overhaul taxes

Jack Lew, President Barack Obama's nominee to lead the Treasury Department, says Congress must avoid "self-inflicted wounds to the recovery" and avert the automatic spending cuts of $85 billion set for March 1. His remarks came during his Senate confirmation hearing, where he said his experience at Citigroup was valuable and that he supports overhauling the U.S. tax code.

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