Erica Pandey Jul 26
Mnuchin: We're "very close" to releasing a tax plan
Treasury Secretary Steven Mnuchin said his department is "very close to releasing a detailed plan" on tax reform at a senate budget hearing Wednesday. Mnuchin fielded questions on cybersecurity and the debt ceiling.
- On national security: Will the president sign the Russia sanctions bill? "I don't know the answer to that." The treasury department has "prioritized technology spending within the IRS" as a cybersecurity measure. Mnuchin also offered to discuss actions against Hezbollah's fiannces in a closed session.
- On raising the debt ceiling: "We have funding through September, but I have urged Congress to take this up before they leave for recess."
- On CDFIs: He said, "This was merely a function of us making difficult decisions across" on the administration's decision to eliminate funding for Community Development Financial Institutions, which invest government funds in distressed communities.