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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.


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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