The White House is calling on Republicans to approve the president’s controversial Trans Pacific Partnership deal, in response to reports that the economy only grew 1.2 percent in the second quarter.
“Today’s report underscores that there is more work to do, and the President will continue to take steps to strengthen economic growth and boost living standards, including promoting greater competition across the economy; supporting innovation; and calling on Congress to increase investments in infrastructure and to pass the high-standards Trans-Pacific Partnership,” wrote White House Chairman of the Council of Economic Advisers Jason Furman in a statement.
According to a report from the U.S. International Trade Commission, the U.S. gross domestic product would only rise by 0.15 percent if the deal was ratified.
In spite of the bad economic news, Furman noted optimistically that consumer spending grew 4.2 percent and that export growth was positive. Inventory investment, he noted, was down as well as fixed investment.