The administration has based its budget on 3 percent GDP. What happens if we don’t get there?
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Treasury Secretary Steven Mnuchin faced his second day of grilling on Capitol Hill today, this time appearing before the Senate Finance Committee to discuss his boss’s proposed budget for next year. Baked into that budget is the assumption that the U.S. economy will start growing at 3 percent or higher by the year 2021, which is about the average for the past 60-plus years. But it’s a lot faster than the more sluggish rate of around 2 percent we’ve been stuck at since the recession. Mnuchin repeated his confidence that a combination of tax cuts, deregulation and trade policy will get us there. But what happens if we don’t?
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