U.S. Department of the Treasury

 

Secretary Lew highlighted that the U.S. economy represents one of the bright spots in the global economy.  American businesses have added 13.1 million jobs over the last six and a half years, extending the longest streak on record and that the unemployment rate has fallen to 5.1 percent—the lowest level since April 2008.

 

Secretary Lew went on to say that Congress needs to pass a budget that reverses the sequester and avoids shutting down the government. He pointed out that shutting down the government would hurt confidence in the U.S. economy and around the world.  He noted that Congress needs to fund investments in key domestic and defense priorities and keep the government functioning to avoid an unnecessary self-inflicted wound that would hurt working families.

Secretary Lew emphasized that we have an opportunity to pass legislation that fixes our broken business tax system and use the one-time revenue raised to make critical investments in our transportation infrastructure.

 

The group discussed myRA, a new simple, safe and affordable starter retirement account developed by the Treasury Department. Secretary Lew explained that myRA is currently in an initial pilot phase and that Treasury will launch the program more broadly later this year, providing Americans who don’t have access to a retirement plan at work an easy way to start saving.

 

Secretary Lew also stressed the Administration’s continued engagement with Puerto Rico as it addresses its urgent fiscal challenges.  The group discussed Puerto Rico Governor Alejandro Garcia Padilla’s recently released plan to strengthen the Commonwealth’s public finances and restore economic growth. Secretary Lew underscored that given the Commonwealth's projection that it will exhaust its liquidity later this year, Congress must act now to provide Puerto Rico with access to a restructuring regime.

 

Secretary Lew made the point that only Congress can extend the nation’s borrowing authority to pay expenditures Congress has already authorized. He emphasized that Congress should protect the full faith and credit of the U.S. by raising the debt limit as soon as possible. 

 

###