10/24/2013 09:58 am ET Updated Oct 24, 2013

Jack Lew Calls For Replacing Sequester With Other Spending Cuts

WASHINGTON, Oct 24 (Reuters) - U.S. Treasury Secretary Jack Lew on Thursday said it was "crucial" to close wasteful loopholes in the tax code so the government could invest more in manufacturing and education.

Speaking at a policy conference, Lew also repeated the Obama administration's view that automatic budget cuts that took effect in March should be canceled.

"As we pursue a path of fair and balanced deficit reduction, it is crucial that we close wasteful tax loopholes, eliminate costs where it makes sense, and use some of the resources we free up to make targeted investments in a few key areas like manufacturing and education," Lew said.


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