Jack Lew: No Debt Limit Fight This Fall

White House

Treasury Secretary Jack Lew did a tour of four major Sunday shows this morning, hitting up NBC's Meet the PressFox News Sunday, ABC's This Week and CNN's State of the Union all in one weekend. Obviously Lew touched on a lot over the course of the morning, so we've boiled down his most important points here: 

  • On a potential looming Debt Limit fight

Lew said there won't be a fight over the debt limit this time. "Congress can't let us default. Congress has to do its work," Lew said on This Week. He explained that the President has been "crystal clear" that there won't be negotiations for spending cuts with Congress over the spending limit. "I certainly hope that Congress isn't looking to create confrontations and false crises because we did see, in 2011, how bad that is for the American economy," Lew said. "The mere fact of negotiating over the debt limit, after 2011, would introduce this notion that somehow there's a question about whether or not we're going to pay our bills, whether or not we're going to protect the full faith and credit of the United States." There have been rumblings that a group of Senators are working to fix cuts caused by the Sequester, but Lew explained on Meet the Press there are limitations to what they can and can't fix: "What the president said, and has written to Congress, is that they cannot fix the problems created by the across-the-board cuts -- known as sequestration -- by cutting domestic priorities in order to fund defense. That's unacceptable," he said. "[The President] won't sign that."

  • On Detroit

"Detroit has serious challenges. We support Detroit in its efforts. But Detroit's going to have to work with its creditors," Lew told State of the Union. Host Candy Crowley asked why the government would bail out the auto industry and not a major city. "Let's be clear, Candy, in the middle of the economic crisis, we were saving the American economy. We were in free fall. If we hadn't taken decisive action, we would have had a massively worse problem than what we even had," he said. But Lew assured the Treasury was doing everything within its regular power to help Detroit through the bankruptcy proceedings. "Detroit's got serious financial problems. They've been a long time in the making," Lew said. "We stand with Detroit and have been working with them, the technical advice, working with the kinds of normal programs the federal government has to see if there's anything we can do to help in the Treasury Department." 

  • On his choice for chairman of the Federal Reserve

"I'm going to keep private any conversations that we're having with the president on the question of when and what kind of succession there should be," Lew told This Week. "I think that those conversations are best left in the privacy of the Oval Office."

Read the full story at TheAtlanticWire.com.

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
Close [ x ] More from GovExec

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Sponsored by Brocade

    Best of 2016 Federal Forum eBook

    Earlier this summer, Federal and tech industry leaders convened to talk security, machine learning, network modernization, DevOps, and much more at the 2016 Federal Forum. This eBook includes a useful summary highlighting the best content shared at the 2016 Federal Forum to help agencies modernize their network infrastructure.

  • Sponsored by CDW-G

    GBC Flash Poll Series: Merger & Acquisitions

    Download this GBC Flash Poll to learn more about federal perspectives on the impact of industry consolidation.

  • Sponsored by One Identity

    One Nation Under Guard: Securing User Identities Across State and Local Government

    In 2016, the government can expect even more sophisticated threats on the horizon, making it all the more imperative that agencies enforce proper identity and access management (IAM) practices. In order to better measure the current state of IAM at the state and local level, Government Business Council (GBC) conducted an in-depth research study of state and local employees.

  • Sponsored by Aquilent

    The Next Federal Evolution of Cloud

    This GBC report explains the evolution of cloud computing in federal government, and provides an outlook for the future of the cloud in government IT.

  • Sponsored by Aquilent

    A DevOps Roadmap for the Federal Government

    This GBC Report discusses how DevOps is steadily gaining traction among some of government's leading IT developers and agencies.

  • Sponsored by LTC Partners, administrators of the Federal Long Term Care Insurance Program

    Approaching the Brink of Federal Retirement

    Approximately 10,000 baby boomers are reaching retirement age per day, and a growing number of federal employees are preparing themselves for the next chapter of their lives. Learn how to tackle the challenges that today's workforce faces in laying the groundwork for a smooth and secure retirement.

  • Sponsored by Hewlett Packard Enterprise

    Cyber Defense 101: Arming the Next Generation of Government Employees

    Read this issue brief to learn about the sector's most potent challenges in the new cyber landscape and how government organizations are building a robust, threat-aware infrastructure

  • Sponsored by Aquilent

    GBC Issue Brief: Cultivating Digital Services in the Federal Landscape

    Read this GBC issue brief to learn more about the current state of digital services in the government, and how key players are pushing enhancements towards a user-centric approach.

  • Sponsored by CDW-G

    Joint Enterprise Licensing Agreements

    Read this eBook to learn how defense agencies can achieve savings and efficiencies with an Enterprise Software Agreement.

  • Sponsored by Cloudera

    Government Forum Content Library

    Get all the essential resources needed for effective technology strategies in the federal landscape.


When you download a report, your information may be shared with the underwriters of that document.