Mnuchin did not give an exact number but rather emphasized that getting tax reform done is much more important.
"We could have done a one-year deal, this wasn't widely reported, on the debt ceiling", Mnuchin said Tuesday.
"The president reached out to Democrats and showed that he could get things done on a bipartisan basis", Mnuchin said while addressing critics at the Delivering Alpha conference presented by CNBC and Institutional Investor magazine. "But we're going to get this down to a very competitive level", Mnuchin said.
Tax reform was a key campaign point in Trump's presidential bid, where he promised to cut personal income taxes, slash corporate rates and offer a one-time repatriation tax in an effort to sway companies into returning cash parked overseas back to the US. "Passing tax reform, which hasn't been done in 31 years, that's a win", the Treasury chief said Tuesday, adding that stock markets have a "built-in" expectation of success.
Democratic leaders including Mr. Schumer and Senator Ron Wyden of OR, the ranking Democrat on the Senate Finance Committee, are set to unveil a report on Tuesday finding that eliminating with the estate tax would mostly benefit the wealthiest Americans. But other firms-"entities that do create jobs", Mnuchin said-may still qualify. The Trump administration has made completing a package of tax cuts a top priority, but the task is expected to be complicated by Democratic resistance and a divided Republican party.
"This is the most important issue for the American economy", Mnuchin, a former Goldman Sachs partner, said.