A desire to lift U.S. economic growth in the near term with a tax cut plan should not be mistaken for a lack of commitment to lower the budget deficit over the longer term, a top White House adviser said Thursday.
"We have been successful in achieving the first prerequisite for meaningful deficit reduction, namely taking measures that will significantly accelerate growth," National Economic Commission Director Lawrence Summers told CNBC television.
Summers said he expected the tax cut plan hammered out between the White House and congressional Republicans to be enacted by Christmas and said it would actually reduce the budget deficit in 2015 because of stepped-up growth and changes associated with corporate expensing provisions.
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