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Politics

Treasury Secretary Mnuchin urges Congress to raise debt ceiling, gets grilled on Trump's tax plan

Treasury Secretary Steven Mnuchin on Tuesday again urged Congress to quickly raise the debt ceiling and defended the Trump administration's tax plan in a Senate Budget Committee hearing.

"My strong preference is for the House and Senate to address this as soon as possible and preference is before you leave for the August recess," Mnuchin said.

He said the Treasury is able to keep the government funded through September.

Mnuchin also explained why he has backed off his previous statement that wealthy Americans would get "no absolute tax cut." The Treasury secretary said that the administration needs to seek compromise to pass a bill into law but that is still President Donald Trump's "objective."

He also defended the administration's highly criticized budget math, saying the White House had "no intention" of counting an estimated $2 trillion in additional tax revenue twice.

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