Tags: wolin | treasury | cuts | us | expansion

Wolin: Spending Cuts Would Hurt U.S. Expansion

Monday, 25 Feb 2013 04:27 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The across-the-board government spending cuts, known as sequestration and set to kick in March 1, would threaten U.S. economic expansion and must be avoided, Acting Treasury Secretary Neal Wolin said.

“What we cannot do -- what would be a grave and unnecessary mistake -- is to deliberately throw sand in the gears of our recovery,” Wolin said in written remarks prepared for delivery to the Chicago Council on Global Affairs today. “Congress must replace these arbitrary and across-the-board cuts before they cause serious harm to the middle class and to our economy.”

While President Barack Obama and congressional Republicans are trading blame for the impasse on the automatic cuts, neither side is expecting an agreement that would allow the U.S. to avert $85 billion of spending cuts in the final seven months of this fiscal year and $1.2 trillion over the next nine years.

Wolin has been acting as the head of the Treasury Department since Timothy F. Geithner left last month. The Senate plans to vote on Jack Lew, Obama’s nominee as Geithner’s successor, this week, Senate Majority Leader Harry Reid, a Democrat from Nevada, said today.


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
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
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Texas Lt. Gov.: Mexican Government Helping Illegals

Tuesday, 29 Jul 2014 08:14 AM

Mexican officials are abetting the illegal migration of thousands of children into the United States, Texas Lt. Gov. Dav . . .

Lawyers: Fast-Track Deportations Don't Protect Kid's Rights

Tuesday, 29 Jul 2014 07:51 AM

There is push-back from immigration lawyers against the Justice Department's decision to move more swiftly to deport Cen . . .

Medicare Relatively Sound, Social Security Disability Shakier

Tuesday, 29 Jul 2014 07:37 AM

Medicare will be able to pay full hospital coverage for its clients through 2030. Social Security's disability program w . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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