U.S. Treasury Secretary nominee Jacob Lew testifies before the Senate Finance Committee on the Capitol Hill in Washington D.C., capital of the United States, Feb. 13, 2013. Lew on Wednesday warned of the harms to be caused by the looming government spending cuts scheduled to kick in on March 1. U.S. President Barack Obama last month tapped Lew, a government budget veteran, as the next Treasury Secretary succeeding Timothy Geithner, a big step of shaping the presidential economic team in his second term. (Xinhua/Zhang Jun)

U.S. Senator Robert Menendez (D-NJ) attends a hearing by the Senate Finance Committee on U.S. Treasury Secretary nominee Jacob Lew on the Capitol Hill in Washington D.C., capital of the United States, Feb. 13, 2013. Lew on Wednesday warned of the harms to be caused by the looming government spending cuts scheduled to kick in on March 1. U.S. President Barack Obama last month tapped Lew, a government budget veteran, as the next Treasury Secretary succeeding Timothy Geithner, a big step of shaping the presidential economic team in his second term. (Xinhua/Zhang Jun)

U.S. Treasury Secretary nominee Jacob Lew (C) testifies before the Senate Finance Committee on the Capitol Hill in Washington D.C., capital of the United States, Feb. 13, 2013. Lew on Wednesday warned of the harms to be caused by the looming government spending cuts scheduled to kick in on March 1. U.S. President Barack Obama last month tapped Lew, a government budget veteran, as the next Treasury Secretary succeeding Timothy Geithner, a big step of shaping the presidential economic team in his second term. (Xinhua/Zhang Jun)

U.S. Treasury Secretary nominee Jacob Lew writes while testifying before the Senate Finance Committee on the Capitol Hill in Washington D.C., capital of the United States, Feb. 13, 2013. Lew on Wednesday warned of the harms to be caused by the looming government spending cuts scheduled to kick in on March 1. U.S. President Barack Obama last month tapped Lew, a government budget veteran, as the next Treasury Secretary succeeding Timothy Geithner, a big step of shaping the presidential economic team in his second term. (Xinhua/Zhang Jun)

U.S. Treasury Secretary nominee Jacob Lew testifies before the Senate Finance Committee on the Capitol Hill in Washington D.C., capital of the United States, Feb. 13, 2013. Lew on Wednesday warned of the harms to be caused by the looming government spending cuts scheduled to kick in on March 1. U.S. President Barack Obama last month tapped Lew, a government budget veteran, as the next Treasury Secretary succeeding Timothy Geithner, a big step of shaping the presidential economic team in his second term. (Xinhua/Zhang Jun)

U.S. Treasury Secretary nominee Jacob Lew testifies before the Senate Finance Committee on the Capitol Hill in Washington D.C., capital of the United States, Feb. 13, 2013. Lew on Wednesday warned of the harms to be caused by the looming government spending cuts scheduled to kick in on March 1. U.S. President Barack Obama last month tapped Lew, a government budget veteran, as the next Treasury Secretary succeeding Timothy Geithner, a big step of shaping the presidential economic team in his second term. (Xinhua/Zhang Jun)

U.S. Treasury Secretary nominee Jacob Lew enter to testify before the Senate Finance Committee on the Capitol Hill in Washington D.C., capital of the United States, Feb. 13, 2013. Lew on Wednesday warned of the harms to be caused by the looming government spending cuts scheduled to kick in on March 1. U.S. President Barack Obama last month tapped Lew, a government budget veteran, as the next Treasury Secretary succeeding Timothy Geithner, a big step of shaping the presidential economic team in his second term. (Xinhua/Zhang Jun)

The pen of U.S. Treasury Secretary nominee Jacob Lew is seen while he testifies before the Senate Finance Committee on the Capitol Hill in Washington D.C., capital of the United States, Feb. 13, 2013. Lew on Wednesday warned of the harms to be caused by the looming government spending cuts scheduled to kick in on March 1. U.S. President Barack Obama last month tapped Lew, a government budget veteran, as the next Treasury Secretary succeeding Timothy Geithner, a big step of shaping the presidential economic team in his second term. (Xinhua/Zhang Jun)

U.S. Treasury Secretary nominee Jacob Lew testifies before the Senate Finance Committee on the Capitol Hill in Washington D.C., capital of the United States, Feb. 13, 2013. Lew on Wednesday warned of the harms to be caused by the looming government spending cuts scheduled to kick in on March 1. U.S. President Barack Obama last month tapped Lew, a government budget veteran, as the next Treasury Secretary succeeding Timothy Geithner, a big step of shaping the presidential economic team in his second term. (Xinhua/Zhang Jun)