Steve Mnuchin says backdating tax reform 'absolutely' a possibility

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AFP Getty Images

"And what's more important is making sure we have a competitive field".

Trump campaigned on the promise of cutting the corporate tax rate to 15%, but Mr Mnuchin said that the goal would be hard to achieve.

The Treasury secretary did hesitate about cutting the tax rate to 15 percent, which President Trump has said would be his goal. They also said the deal gives leverage to Democrats in future talks over the borrowing limit and tax reforms. "And what the exact number is, we'll see", he said at the CNBC Institutional Investor Delivering Alpha conference.

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Mr. Trump and Republicans have made tax reform overhaul their main priority for the fall and have repeatedly promised to pass the legislation before the end of the year.

The White House and Congress were said to be working together on the drafting of reform legislation after the Republican party hit by several roadblocks en route to the passing of its proposed tax reform bill. "Had we done that, it would have been linked to one year of additional funding for the government". "The president still very much wants to get health care done".

Mnuchin said the administration's ties to Ryan and McConnell remain strong despite the disagreement over the fiscal package, noting he met with Ryan Monday and Trump dined with the Speaker last week. Mnuchin spoke as the national debt crossed $20 trillion for the first time and has increased about 1.1 percent during Trump's time in office.

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The Treasury secretary said the administration still wanted the carried interest break to be available to "other entities that create jobs".

Asked for details, Mnuchin demurred, saying: "I know this issue is incredibly important to everybody in this room - it is less important to the American people".

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