Mnuchin says U.S. government must cut spending, shrink deficits: CNBC

Treasury Secretary Steven Mnuchin said on Thursday the U.S. government cannot sustain federal deficits growing at current levels and will have to slow the rate of spending. As he acknowledged the administration of Republican President Donald Trump was considering additional tax cuts to stimulate the economy, Mnuchin blamed government spending - and Democrats in Congress - for the federal deficit. In an interview with CNBC, Mnuchin said increased military and non-military spending was the cause of the deficits, not the tax cuts pushed through Congress by Trump in late 2017.