Lew Tells Senate U.S. Must Avoid Self-Inflicted Sequester Wounds

U.S. Treasury secretary nominee Jack Lew says the U.S. must avoid the automatic spending cuts scheduled to take effect next month, saying they would impose “self-inflicted wounds” on economic expansion.

Lew was commenting in written testimony prepared for tomorrow's hearing before the Senate Finance Committee, which is considering his nomination to succeed Timothy F. Geithner as head of the Treasury Department. The prepared testimony was obtained by Bloomberg News.