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Despite a series of vicious storms that devastated parts of Texas, Florida, and Puerto Rico, the Commerce Department announced today that the U.S. GDP grew by 3% in the third quarter. The strong growth will likely boost Congressional Republican's efforts to push through legislation on tax cuts and overhaul the tax code.
Economists initially believed Hurricanes Harvey and Irma would hamper economic growth, but the destruction was offset by continued spending by consumers and businesses. The job market remains strong, as the stock market continues to rally to record highs. A recent survey of CEOs and consumers showed the most confidence in the U.S. economy in more than a decade.
Republicans say the continued expansion of the American economy is proof their tax cuts could push the annual GDP's growth rate above 3 percent - something that's hasn't been done since the mid-90s.
GDP (or Gross Domestic Product) is a measure of a country's economic production in a period of time (usually quarterly or yearly). The number is considered a good way to measure the health or performance of a whole country or region, as well as to make international comparisons.