Mnuchin: Harvey, Irma will be short term negative for economy, pledges more federal aid

CNBC| Tue Sep 12 08:57:25 EDT 2017
Hurricanes Harvey and Irma will have a slight negative impact on U.S. GDP in the short term, but rebuilding in the storm damaged areas should end up helping economic growth, according to Treasury Secretary Steven Mnuchin. Mnuchin, speaking at the Delivering Alpha conference presented by CNBC and Institutional Investor, also said the federal government will provide whatever aid is required. Congress last week approved a $15.3 billion package for victims of Hurricane Harvey, and more aid is expected. "I would say there clearly is going to be an impact on GDP in the short run. We will make it up in the long run," said Mnuchin. "As we rebuild, that will help GDP. So, I think it's too early to te..

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