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U.S. Treasury Secretary Jack Lew testifies before the Senate Finance Committee on the U.S. government debt limit in Washington October 10, 2013. REUTERS/Gary Cameron

Obama administration says closing tax loopholes 'crucial'

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WASHINGTON (Reuters) - The Obama administration on Thursday said it was "crucial" to close wasteful loopholes in the U.S. tax code so the government could invest more in manufacturing and education.

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The remarks by Treasury Secretary Jack Lew helped set guideposts for the administration's priorities in upcoming budget negotiations.

"We should craft a budget agreement that propels growth and hiring while maintaining fiscal discipline," Lew told a policy conference.

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