Treasury Secretary Mnuchin says it will take 2 years for the US economy to grow as fast as Trump promised

Thomson Reuters

Steve Mnuchin, U.S. Treasury Secretary, speaks during the Milken Institute Global Conference in Beverly Hills

US Secretary of the Treasury Steve Mnuchin said on Monday that it could take up to two years to have economic growth reach three percent 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 projection on an official White House plan after taking office.

However, Mnuchin and Trump lowered that target in interviews in February and March 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.