Nation & World News

Treasury Secretary: Congress Must End Uncertainty On Debt

By Scott Neuman on July 29th, 2013

Treasury Secretary Jack Lew says the debt ceiling needs to be raised, but without another economically damaging partisan fight.

In a series of interviews on the Sunday morning political talk shows, Lew said Congress needs to lift the “cloud of uncertainty” over the nation’s finances and raise the limit before it fully expires on Sept. 30.

“The fight over the debt limit in 2011 hurt the economy, even though, in the end, we saw an extension of the debt limit,” the secretary said on NBC’s Meet The Press.

“We saw confidence fall, and it hurt the economy. Congress needs to do its job. It needs to finish its work on appropriation bills. It needs to pass a debt limit,” he said.

Republicans have demanded deep cuts in non-defense-related spending in exchange for an appropriations deal. Some Democrats, however, don’t want to agree to funding at levels set by across-the-board spending cuts that went into effect in March.

Lew’s remarks echo a message that President Obama has taken up in recent days.

Speaking in Florida on Thursday, Obama said that if Republicans want to continue their “My way or the highway attitude,” dire consequences and deadlock were likely to result. “It could plunge us back into financial crisis,” he said.

“Threatening that you won’t pay the bills in this country, when we’ve already racked up those bills, that’s not an economic plan — that’s just being a deadbeat,” he said.

Copyright 2013 NPR. To see more, visit http://www.npr.org/.

This entry was posted in News from NPR. Bookmark the permalink.

Comments are closed.

 

More Stories in News from NPR

Furious 7 has hit the $1 billion worldwide box-office mark, two days faster any other film. Earlier this month, stars Sung Kang, left, and Ludacris attend the film's Los Angeles premiere.

‘Furious 7′ Races To New Record, Quickly Hitting $1 Billion Mark

Universal says the movie is the studio’s first to cross the billion-dollar mark during its first run in theaters, putting it above films such as Jurassic Park and Despicable Me.


A shape that could be an airplane is seen in a 3D sonar image (lower portion) of the USS Independence released by NOAA, which located the shipwreck in Monterey Bay National Marine Sanctuary. A team located the carrier during a maritime archaeological survey.

WWII Aircraft Carrier Is Found On Ocean Floor Near San Francisco

It fought in World War II and was used in two atomic bomb tests. Now, 64 years after it was scuttled, the USS Independence has been located by an undersea survey team led by NOAA and the U.S. Navy.


Antitrust Inquiry Reportedly Looks At How Big Theater Chains Snare Movies

News of a federal inquiry comes as arguments over preferential treatment and exclusivity have been heating up in recent years.


Police made one of several arrests at this house in Narre Warren, a suburb of Melbourne, Saturday. Police raided houses in the city's outer eastern suburbs and made several arrests over an alleged attack planned for ANZAC Day.

Australia Says It Broke Up ISIS-Inspired Plot To Attack WWI Event

In a series of early-morning raids, Australian counterterrorism police arrested five men in the Melbourne area Saturday, over their possible involvement in a plot to attack a memorial ceremony.


Afghan security forced inspect the site of a suicide attack near a New Kabul Bank in Jalalabad in eastern Afghanistan Saturday. The United Nations says at least 35 people died.

Suicide Bombing Kills At Least 35 In Jalalabad; ISIS Reportedly Claims Responsibility

Both the United Nations and the Taliban have condemned the attack, which targeted civilians who were in a long line at a bank.


Thank you for your support

WUFT depends on the support of our community — people like you — to help us continue to provide quality programming to North Central Florida.
Become a Sustainer
I want to support FM 89.1/NPR
I want to support Florida's 5/PBS
Donate a Vehicle
Underwriting Payments