Investing.com - U.S. budget talks need to strike a balance between spending and revenue changes that will keep the economic recovery on track, Treasury Secretary Jack Lew told CNBC Asia in a live interview on Wednesday.
"A mix of balanced policies where they are talking about both revenue and spending options and let's see where they go, " Lew said about talks between Republicans and Democrats on a budget for the current year, which he said should hopefully avoid a repeat of a standoff that shutdown the government.
"The right answer is a balanced approach ... That can be small, medium or large. You can do some loophole closures that are really just shutting down some things that are abuses to begin with. You can raise fees. There are all kinds of things you can do to put a balanced package together. Obviously it is easier to put together something small than large."
Lew did not mention current dollar strength linked to expectations the U.S. Federal reserve may soon begin to taper its USD85 billion a month asset purchase program as early as December.
But he did say any economic recovery in the United States needs to be underpinned by growth in Asia and Europe as well.
"Demand growth is critical. U.S. growth cannot make up for a lack of demand growth in either Asia or Europe."
"A mix of balanced policies where they are talking about both revenue and spending options and let's see where they go, " Lew said about talks between Republicans and Democrats on a budget for the current year, which he said should hopefully avoid a repeat of a standoff that shutdown the government.
"The right answer is a balanced approach ... That can be small, medium or large. You can do some loophole closures that are really just shutting down some things that are abuses to begin with. You can raise fees. There are all kinds of things you can do to put a balanced package together. Obviously it is easier to put together something small than large."
Lew did not mention current dollar strength linked to expectations the U.S. Federal reserve may soon begin to taper its USD85 billion a month asset purchase program as early as December.
But he did say any economic recovery in the United States needs to be underpinned by growth in Asia and Europe as well.
"Demand growth is critical. U.S. growth cannot make up for a lack of demand growth in either Asia or Europe."