Treasury Secretary Jack Lew told Congress that President Obama’s administration is “overachieving on deficit reduction,” as he defended the president for submitting a budget that never balances.

“If anything, we are overachieving on deficit reduction right now, given where we are in terms of the current year and immediate economic needs,” Lew told Rep. Marlin Stutzman, R-Ind., while testifying yesterday before the House Financial Services Committee.   “So the goal, you know, should not be to balance the budget right now.”

Lew then confirmed that budget policymakers should plan to raise taxes. “I think that we should have a fair mix of spending reductions and loophole closing that would give us the ability to, in a fair and balanced way, be on a long-term path to fiscal sustainability,” he told Stutzman.

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