Tags: lew | treasury | secretary | revenue | taxes | sunday | shows

Jack Lew: More Revenue Needed to Support Government Programs

Sunday, 28 Jul 2013 10:54 AM

By Greg Richter

Though taxes were raised earlier this year on the "very high end" of Americans, Treasury Secretary Jack Lew says more might be needed to keep government programs afloat.

"We still have a gap in terms of the amount of revenue we need to make sure we support all the things that we do in this country," Lew said Sunday on CNN's "State of the Union."

Editor's Note: Weird Trick Adds $1,000 to Your Social Security Checks

Lew said there is a "divergence of views" about tax policy, but added there is a broad sense that the tax code needs simplifying and that loopholes and credits make the system unfair and "distort the economy."

Lew also urged Congress to act to raise the debt ceiling. Republicans want any such action tied to spending cuts.

Lew wouldn't give a specific date that the ceiling would be reached, but projected the government could stay afloat at least through Labor Day.

"We've been using extraordinary measures since May to pay our bills," Lew said. "We'll do that for as long as we can."

Lew said on NBC's "Meet the Press" that the fight over debt limit in 2011 hurt the economy even though the limit eventually was raised. Lew referred to President Barack Obama saying that Washington cannot fix the problems by cutting domestic programs to fund defense.

"That's unacceptable. He won't sign that," Lew said. "The across-the-board cuts are hurting our future."

Lew disagreed with House Speaker John Boehner's claim that the economy is growing too slowly.

Obama "is the first to say we'd like to grow faster and we'd like to be creating more jobs, and we need policies to do that," Lew said on CNN. The speeches Obama made last week focus on what it takes to build "stronger more vibrant middle class," he said.

"The core of the economy is showing signs of health," he said, adding that the American people need Washington to do its work and "stop creating crises."

Lew indicated there will be no help for Detroit from Washington in the form of a federal bailout. While he said the administration does "stand with Detroit," any help for the bankrupt city would come in the form of existing programs. But the city will have to work out problems with its creditors.

Editor's Note: Weird Trick Adds $1,000 to Your Social Security Checks

Asked on "Meet the Press," about whether Obama's words last week on "phony scandals" referred to the IRS targeting of conservative groups, Lew agreed that such targeting was wrong. But he said that several investigations of the matter have shown "there is no evidence of any political involvement."

For Republicans to continue to press the issue as a political cover-up was one of the "phony scandals" to which Obama was referring, Lew said.

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

ISIS Admits Defeat in Kobani

Saturday, 31 Jan 2015 08:56 AM

Members of the Islamic State group have acknowledged for the first time that they were defeated in the Syrian town of Ko . . .

Rick Perry: Senators Talk, But Governors Have Experience

Saturday, 31 Jan 2015 14:03 PM

Senators like to talk, but governors have to make choices every day, former Texas Gov. Rick Perry said, likely setting . . .

Automakers Recall More than 2M Vehicles for Faulty Air Bags

Saturday, 31 Jan 2015 13:23 PM

More than 2 million Toyota, Chrysler and Honda vehicles are being recalled for a second fix for faulty air bags that may . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved