BEIJING/WASHINGTON, March 2 (Xinhua) -- As Jacob Lew was sworn into office as the new U.S. Treasury Secretary on Thursday, U.S. President Barack Obama has so far put in place three key positions in his second-term cabinet.
However, what greeted Lew, Defense Secretary Chuck Hagel and Secretary of State John Kerry is major federal spending cuts that could dampen U.S. economic growth and curb its military readiness.
In his State of the Union address, Obama vowed to boost the country's competitiveness by fostering new economic growth points and increasing investment in key areas such as infrastructure, education, science and vocational training.
To make the president's vision become reality, the new cabinet, now in face of urgent economic challenges and a looming budget crisis, is emphasizing measures to boost U.S. competitiveness and seeking greater cooperation with its allies while trying to avoid any unilateral moves, analysts said.
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