Political Wire

Mnuchin Promises New Round of Tax Cuts in 2020

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“Treasury Secretary Steven Mnuchin said Monday that the Trump administration would consider proposing a package of tax cuts in 2020, trumpeting the strength of the U.S. economy despite the ominous financial indicators of recent weeks,” Politico reports.

“I think there’s no question the U.S. economy is in very good shape. As we look around the world, there’s no question that China is slowing, Europe is slowing — the U.S. is the bright spot of the world. And regards to a middle class tax cut, you know, we’ll be looking at tax cuts 2.0, something that will be something we’ll consider next year. But right now, the economy is in very, very good shape.”

Mnuchin Kills Harriet Tubman $20 Bill

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Treasury Secretary Steven Mnuchin said the redesign of the $20 bill featuring Harriet Tubman will no longer be unveiled in 2020, CNBC reports.

“The unveiling had been timed to coincide with the 100th anniversary of the 19th amendment which granted women the right to vote. Mnuchin said that the design process has been delayed, and no new imagery will be unveiled until 2028.”

Treasury Denies Request for Trump’s Tax Returns

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“Treasury Secretary Steven Mnuchin denied House Democrats’ demand to release six years of President Trump’s tax returns, saying the department could not complete its review in time for Democrats’ Wednesday deadline,” the Washington Post reports.

“In a letter, Mnuchin said Treasury would consult with the Justice Department to review the request. The letter also noted several GOP criticisms of Democrats’ request, including accusations that the push for Trump’s tax returns was politically motivated.”

Pelosi Rebukes Mnuchin After Briefing

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“House Democrats excoriated Treasury Secretary Steven Mnuchin on Thursday following a classified briefing about the Trump administration’s decision to ease economic sanctions on three companies linked to Russian oligarch Oleg Deripaska,” Politico reports.

Said Speaker Nancy Pelosi: “One of the worst classified briefings we’ve received from the Trump administration. The secretary barely testified.”

House Democrats Now Focusing on Mnuchin

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Treasury Secretary Steven Mnuchin “has agreed to deliver a classified briefing to U.S. House lawmakers on Thursday on his recent decision to lift sanctions on companies linked to a Russian oligarch and Vladimir Putin ally, marking the start of an aggressive new focus on Mnuchin by newly empowered House Democrats,” NBC News reports.

Mnuchin Under Consideration for Chief of Staff

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“Treasury Secretary Steven Mnuchin is one of the advisors to President Trump under consideration to be the next White House chief of staff,” CNBC reports.

“Yet Mnuchin has indicated to his inner circle that he feels best served as the head of Treasury… Even so, according to a source close to the Treasury secretary, some of Trump’s family members are pushing for Mnuchin as a possible replacement for the departing John Kelly.”

Trump Denies He’s Unhappy With Mnuchin

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President Trump quickly fired back at a Wall Street Journal report that he had openly expressed dissatisfaction with Treasury Secretary Steven Mnuchin, slamming the story as another example of “fake news,” The Hill reports.

Said Trump: “I am extremely happy and proud of the job being done by Mnuchin. The FAKE NEWS likes to write stories to the contrary, quoting phony sources or jealous people, but they aren’t true. They never like to ask me for a quote b/c it would kill their story.”

Mnuchin Meets with Saudi Crown Prince

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Treasury Secretary Steven Mnuchin met with Saudi Arabia’s Crown Prince Mohammed bin Salman on Monday, illustrating how the White House is retaining close ties with the embattled Middle Eastern leader despite a growing international outcry, the Washington Post reports.

Mnuchin opted not to attend an investment conference in Saudi Arabia this week amid uproar about the killing of journalist Jamal Khashoggi inside the Saudi Consulate in Istanbul.

Trump Says Sears Was ‘Improperly Run’ for Years

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President Trump said that Sears had been mismanaged for years before it declared bankruptcy, Bloomberg reports.

Said Trump: “Sears has been dying for many years. It’s been obviously improperly run for many years and it’s a shame.”

Among those responsible for its management: Treasury secretary Steven Mnuchin, who was a member of Sears’s board from 2005 until December 2016.

Mnuchin Won’t Fill Deputy Treasury Post

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Treasury Secretary Steven Mnuchin “has no plans to fill the No. 2 slot in his department after two candidates for the job dropped out of the running,” Politico reports.

“The department made the surprising announcement after Brian Brooks withdrew from consideration for deputy Treasury secretary, according to several people familiar with his decision. In May, Goldman Sachs executive Jim Donovan dropped out due to family concerns.”

Cohn and Mnuchin Risk Destroying Their Reputations

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David Leonhardt: “Within the administration, there are real differences among how top officials have behaved and how they are perceived. Several — Tom Price, Reince Priebus, Sean Spicer and Rex Tillerson — have badly sullied their standing with virtually everyone outside the administration. After long careers, they have turned themselves into punch lines.”

“The clearest exception is Jim Mattis, the defense secretary. Mattis has done so partly by avoiding scandal and minimizing conflicts with Trump. But he has also been careful to set his own ethical boundaries. Can you recall a single time when Mattis has said something outright untrue? I can’t. That’s how he has retained his dignity in the eyes of so many people.”

“Cohn and Mnuchin have started to risk theirs. This column is a plea to them: Please stop, for everyone’s sake, including yours.”

Cohn and Mnuchin Differ on Tax Reform Progress

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“The Trump administration is sending mixed signals on how far along negotiators are on a tax reform plan,” Politico reports.

“National Economic Council Director Gary Cohn said on CNBC Friday that only outlines have been set so far. That seemed to contradict Treasury Secretary Steven Mnuchin, who told CNBC Thursday “we have a very detailed plan” that would come out later in September.”

Mnuchin Won’t Commit to Harriet Tubman on $20 Bill

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Treasury Secretary Steven Mnuchin told CNBC he would not commit to his predecessor’s pledge to remove President Andrew Jackson from the twenty-dollar bill and replace him with Harriet Tubman.

Said Mnuchin: “People have been on the bills for a long period of time. This is something we’ll consider; right now we have a lot more important issues to focus on.”

Treasury Will Run Out of Money In September

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Treasury Secretary Steven Mnuchin said the Treasury Department “only has enough money to fund the government through early September, a much earlier timeline than many analysts had projected,” the Washington Post reports.

“Mnuchin’s comments, made at a congressional hearing, came in response to a question about the debt ceiling, which is preventing Treasury from borrowing enough money to cover the large gap between how much money the government brings in through revenue and how much it spends.”

Senator Seeks Probe of Mnuchin’s Movie Plug

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Sen. Ron Wyden (D-OR) asked the government ethics watchdog to review comments by Treasury Secretary Steven Mnuchin plugging The Lego Batman Movie, a film one of his companies produced, for a possible ethics violation, Reuters reports.

Mnuchin had agreed to divest his interests in Ratpac-Dune Entertainment Holdings LLC within 120 days of his confirmation, and “not participate personally and substantially in any matter that has a direct and predictable effect on the financial interests of the entity” unless first obtaining a waiver.

Taegan Goddard

Taegan Goddard

Taegan Goddard is the founder of Political Wire -- which for more than two decades has been one of the nation's most influential political news sites.

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