January 15, 2020 / 1:16 PM / 10 days ago

Treasury's Mnuchin says U.S. cannot continue to boost spending at current rate-CNBC

WASHINGTON, Jan 15 (Reuters) - The U.S. economy is coping with large budget deficits at the moment, but government spending cannot continue to expand at the current rate indefinitely, Treasury Secretary Steven Mnuchin said in an interview with CNBC on Wednesday.

“At this point the economy can handle these deficits, but there’s no question over time we need to look at these government spending issues. We can’t continue to expand government spending at the rate that we are,” Mnuchin said.

He said increased spending, driven in part by increased military outlays, was the cause of the deficits, not tax cuts pushed through by President Donald Trump, and he remained convinced that the tax cuts would pay for themselves over a 10-year period. (Reporting by Andrea Shalal and Susan Heavey; Editing by Giles Elgood)

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