Source: Bob Bryan and Reuters via businessinsider.com
US Treasury Secretary Steve Mnuchin said on Monday that it could take up to two years to have economic growth reach 3% and that tax cuts and regulatory relief will help get there.
“There are very attractive opportunities,” Mnuchin said at the Milken Institute Global Conference, speaking less than one week after the Trump administration unveiled plans for aggressive tax cuts.
President Donald Trump promised during the campaign to return the US to a sustained rate of 4% GDP growth, and even included that projectionon an official White House plan after taking office.
However, during interviews conducted in February and March, Mnuchin and Trump lowered that target to 3%.
While most experts agree that Trump’s tax plan will lead to an increase in the federal deficit, Mnuchin said the tax cuts can be paid for by “plenty of other ways.” Mnuchin also said he has had weekly meetings with congressional leaders and said “we’d like to see bipartisan support” for tax cuts.
So far, Democratic leadership in the House and Senate have blasted Trump’s tax plan, saying that it favors the wealthy at the expense of the middle class.