“We’ve said for some time now, as have most, that we need to do on the order of $4 trillion of deficit reduction over the next 10, 12 years. We would like to get that done now,” Lew said on NBC’s “Meet the Press.”
Still, he indicated the financial markets would accept something smaller, if negotiators aren’t able to secure a larger package.
“If that can’t happen, if there’s not a willingness to come together… I think that the markets will understand moving as far as we can,” Lew said. “What would be hard to explain is doing nothing.”