U.S. Treasury Secretary Steven Mnuchin said the administration is hoping to pass major tax reform legislation before Congress leaves for its August recess. President Donald Trump has set ambitious goals of economic growth of 3 percent or higher, rates not seen in over a decade. Mnuchin said the administration will achieve this through a combination of tax cuts and regulatory reform to spur economic growth.
But House Republicans want assurances that the president’s plan of tax cuts, coupled with increased spending, will be revenue-neutral. That is hard to do, especially when the administration and the Congressional Budget Office are using different methods to forecast growth.
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