Defaults help no one, U.S. Secretary of the Treasury Jack Lew said in New York Friday morning.
Lew spoke briefly about Greece’s potential default and exit from the eurozone, as well as the U.S. budget and the possibility of another government shutdown. Congress needs to get its act together to reach a budget compromise, Lew said. “The last thing the world needs is another debt limit fight in the United States,” he said. Sure, it’s not always as easy as it sounds, but neither side of Congress actually wants a shutdown, or even monthly budget decisions. “It is a bad thing to fund your infrastructure programs month to month,” said Lew. The budget needs to look long term to encourage future growth in the U.S. economy.
As for Greece? “We’ve seen a lot of deadlines,” said Lew, but the ultimate deadline will be Greece running out of cash. “There’s no question Greece is going to have to do some difficult things,” he said. “At the heart the problem here is one of trust,” from both Greece and Europe. Reacting effectively to the Greek crisis is an opportunity for the eurozone to prove its worth and the value of the euro, said Lew.
The biggest debate for Lew Friday was the inevitable push to keep Andrew Hamilton on the 10 dollar bill, and kick Andrew Jackson off the 20. Hamilton isn’t disappearing, Lew promised. “I’ve probably read more about Alexander Hamilton than many of the people that are jumping up and being his defenders,” he laughed, adding that his desk sits below a painting of Hamilton. But, he added, it’s more than time for a woman to be on a dollar bill.
Photo: Morgan M. Davis.