Jack Lew: Congress Must Strike Budget Deal 'Now'

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U.S. Treasury Secretary Jack Lew says Congress needs to work together to compromise on a budget before the country reaches the debt ceiling in September.

In an interview with CNBC, Lew said even though it's only May Congress shouldn't delay in finding a solution.

"People shouldn't relax. Congress should deal with this right away. The uncertainty caused by putting this off is not good. The anxiety caused to the U.S. and world economy by putting this off until the last minute is not good," Lew said on the sidelines of a meeting of G-7 finance ministers and central bank governors.

He added in light of the economy healing, "it's an important time to ask the question 'What we can all do to create more growth and more jobs?'"

Lew's not just offering America advice. He also argued that Europe needed to do "a little bit better" to boost economic growth.

"I've been engaging with the Europeans since I've become Secretary," he said. "We feel strongly that there needs to be the right balance between austerity and growth. We're not arguing whether we need to get our fiscal house in order. We all need to do that. The question is when and how."

"Some countries have more 'fiscal space' to create demand and create growth," he continued. "We've seen progress on the easing off of certain deficit deadlines and the making of structural reforms and we need to see more of that."

Should Americans be concerned that we keep re-visiting this debt ceiling fight? Phil Kerpen, The president of American Committment, talks about this and more on CBN Newswatch, May 10, following this report.

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