Jacob J. Lew: “It is a real privilege to be considered by this committee as the President's nominee to be Secretary of Treasury.”

We inherited what was an economy and a budget that was in complete meltdown.

The budget also makes critical investments in our domestic and national security priorities while adhering to the bipartisan budget agreement signed into law last fall.

The fiscal year 2017 President's budget puts forward the building blocks of a social compact for the 21st century and creates the conditions for sustained economic growth.

I believe it is a crisis. I believe there is a need for action immediately on restructuring authority and on oversight.