Mnuchin says sweeping tax law can be passed this year

By MARTIN CRUTSINGERMarketsAssociated Press

Treasury Secretary Steven Mnuchin says the original goal of getting Congress to pass comprehensive tax reform by August "got delayed a bit," but the administration is still on track to have a measure signed into law by the end of this year.

In a wide-ranging interview on CNBC, Mnuchin also says that he is confident that Congress will pass legislation to raise the government's borrowing limit this fall to avoid a catastrophic default on the nation's debt.

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Mnuchin says that the administration has a good working relationship with Federal Reserve Chair Janet Yellen. He refused to say how many candidates other than Yellen President Donald Trump was considering for the Fed job when Yellen's current term expires in February.