Former Treasury Secretary Larry Summers says current Treasury Secretary Steve Mnuchin is squandering his credibility with President Trump's tax proposals.

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"Some of the most difficult moments for any Cabinet officer comes when the president fails to respect his department’s desire to do serious policy work, when political circumstance forces the repudiation of his major past statements, and when he has to out of loyalty support absurd propositions. All three of these things happened to Secretary Mnuchin this week,” Summers said in a Thursday morning Washington Post op-ed.

Summers served as the head of Treasury under President Bill Clinton William (Bill) Jefferson ClintonD-Day for Trump: September 29 Trump job approval locked at 42 percent: Gallup If Trump doesn't know why he should be president again, how can voters? MORE as well as director of the National Economic Council for President Barack Obama Barack Hussein ObamaThe Hill's 12:30 Report - Presented by Facebook - Don't expect a government check anytime soon Trump appointees stymie recommendations to boost minority voting: report Obama's first presidential memoir, 'A Promised Land,' set for November release MORE. He said pushing up the announcement of the tax plan, originally scheduled for June, compromised Mnuchin’s credibility.

“Instead the treasury secretary was asked to lend his prestige and that of his department to a one page document that would have been judged skimpy on detail if it were a campaign proposal. I can only imagine how demoralized the Treasury tax staff — a group that rightly prides itself on its professionalism and analytic seriousness — must be,” Summers wrote.

“The treasury secretary’s credibility is an important national asset that could be needed at any moment. I am very sorry to see it squandered on behalf of a set of tax reform proposals that are at best a bargaining position,” he continued.

Mnuchin said Thursday the administration is committed to making sure the middle class doesn't pay higher taxes with the new reforms, adding that he can't "make any guarantees."

"I can't make any guarantees until this thing is done and on the president's desk," Mnuchin said during an interview on ABC's "Good Morning America." "But I can tell you, that's our [number one] objective in this."

The White House announced its plans to lower tax rates for individuals as well as businesses on Wednesday, claiming it would be the biggest tax cut reform in American history.

While many Republicans support cutting taxes, some GOP lawmakers worry Trump’s proposal will increase the federal deficit.