Treasury Secretary Steven Mnuchin defended his boss on Tuesday for working with Democrats on a short-term plan to fund the government and raise the debt ceiling.
To the dismay of Republicans, President Donald Trump agreed with Democrats to extend the nation’s borrowing limit for only three months in a bill he signed to give $15 billion to Hurricane Harvey disaster relief.
“The president is absolutely a Republican,” Mnuchin said on “Squawk Box” at the Delivering Alpha conference presented by CNBC and Institutional Investor magazine.
“The president reached out to Democrats and showed that he could get things done on a bipartisan basis. And I think that’s important,” Mnuchin added. “The president would like to have bipartisan support.”
Trump last Wednesday split with congressional GOP leaders to support a Democratic approach on Harvey relief, the debit ceiling and government funding.
GOP congressional leaders and Mnuchin had wanted a longer time frame for increasing the debt limit. But after Trump sided with Democrats, Republicans expressed concern that they’ll be at a disadvantage in crafting tax reform because they’ll have to revisit the borrowing authority issue again in December.
In the interview Tuesday, Mnuchin also highlighted the importance of good working relationships on Capitol Hill and said he met with House Speaker Paul Ryan on Monday. He added Trump and Ryan had dinner earlier in the week.
“The relationships with the president are there,” Mnuchin added.
— In addition to Mnuchin, Delivering Alpha participants include Omega Advisors Chairman Leon Cooperman, Bridgewater Associates founder Ray Dalio, Blackstone chief Steve Schwarzman, DowDupont CEO Edward Breen, Kynikos Associates’ Jim Chanos and JPMorgan Chase chief Jamie Dimon.