Lew Says Budget Talks Must Focus on Revenue and Spending Cuts

White House budget director Jacob Lew said the administration wants to shift the focus of budget talks from spending cuts to long-term deficit reduction, which will force Republicans to discuss raising government revenue.

Shrinking the budget shortfall from a projected record $1.6 trillion this year over the longer term will require going beyond slashing programs to addressing entitlement programs such as Social Security and taxes, Lew said during a Bloomberg Breakfast yesterday in Washington.