Tax reform and spending increases are ballooning the U.S. federal budget deficit.
Projections for economic growth have also declined as the shutdown - and trade tensions - persist.
Sagging energy prices led to relatively flat inflation indicators through December 2018.
As analysts become more concerned with slowing growth, recession gauges are also on the rise.
Mnuchin added that investors have put too much emphasis on the Fed's anticipated interest rate policy.
Treasury yields initially dipped and the dollar declined as the report added to signs that economic growth is cooling.
Hourly earnings are likely to keep picking up after surpassing 3 percent for the first time in this expansion.
Slower-than-expected income growth suggests that any meaningful, sustained pay gains remain elusive.
Excluding volatile food and energy costs, the core consumer price index rose 2.2 percent in August.
As income inequality widens, the lowest-income households in the U.S. spend the most on lottery tickets.
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