Nov 24, 2014 11:16 PM EST

Obama administration criticizes potential tax extender deal

(Reuters) - The Obama administration on Monday criticized a potential deal in Congress to extend expiring tax breaks as "fiscally irresponsible," arguing that lawmakers would be favoring businesses over working families.

"(Making) permanent expiring business provisions without addressing tax credits for working families is the wrong approach," Treasury Secretary Jack Lew said in a statement.

The New York Times reported that negotiators from the Senate and the House of Representatives were nearing a deal to make major tax breaks permanent for business and college expenses.

Without citing sources, the Times said a research and development credit, among other tax breaks for businesses, would be made permanent under the deal, but that the future of some tax credits for low-income families was less certain.

"Any deal on tax extenders must ensure that the economic benefits are broadly shared," Lew said.

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