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November 19, 2013 AT 10:23 AM
The Obama administration said Tuesday that budget negotiators in Congress would probably fail to strike a far-reaching deal unless Republicans agree to raise revenues and overhaul the tax code. A 29-member congressional committee is trying to set spending levels for the fiscal year that began last month, and many lawmakers want to scrap large spending cuts that started in March. "I don't want to get ahead of the budget conferees," Treasury Secretary Jack Lew told a business panel, saying the lawmakers could produce something "small, medium or large."