Grassley also questioned a $940,000 bonus that Lew received in January 2009 as Citigroup was receiving federal bailout funds.

Lew said he was paid like other private-sector employees in similar jobs.

Lew’s Compensation

“I was compensated for my work,” he said. “I’ll leave for others to judge.”

During Lew’s earlier tenure as budget chief under Clinton, the U.S. ran a surplus for three consecutive years.

The tax increases that kicked in at the beginning of this year will help cut the federal government deficit to $845 billion, the first budget gap in five years of less than $1 trillion, the Congressional Budget Office said Feb. 5.

Congress in February froze the $16.4 trillion borrowing limit until May 19 and the country won’t hit the debt limit until several months after that. Lew’s predecessor, Geithner, argued in favor of eliminating the legally set ceiling.

Lew was introduced and endorsed by Senator Charles Schumer, a New York Democrat and Pete Domenici, a former Republican senator from New Mexico.

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