If Republicans take the Senate, as expected in Tuesday's midterm election, the U.S. economy has the potential to grow much faster, former General Electric chief Jack Welch said Monday.
"If we can get the right election this time and get some regulation fear off the table ... there's a real chance to get to that 4 percent economy we need to get to escape velocity," Welch said in a "Squawk Box" interview.
The government's first look last Thursday at the gross domestic product for the third quarter showed a better-than-expected 3.5 percent expansion rate—decelerating from 4.6 percent in the fourth quarter of last year.
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Welch also expressed optimism that a GOP Senate and House could craft energy and tax policies that President Barack Obama could get behind. "I think maybe we can have the parties come together."
But a GOP Senate and House would put the ball in the court of the Democrats and the president, said Welch, executive chairman of the management institute at Strayer University that bears his name. "If Republicans get the House and Senate, we'll see who the blocker is," he said, accusing Senate Majority Leader Harry Reid, D-Nev., of preventing legislation from coming up for votes.