Economy Fueled by 'Energy Revolution,' Housing: Hormats
Growth in the U.S. economy will be aided by the domestic "energy revolution" and the pick-up in the housing market, Under Secretary of State Robert Hormats told CNBC on Wednesday.
In an interview from the World Economic Forum in Davos, Switzerland, Hormats said, "[President Barack Obama] is pro-growth. But he's particularly focused on investing in the U.S. to give us a sound basis for growth."
The president explained his vision for the U.S. during his second term in his inauguration speech on Monday. The address pushed his liberal agenda with a heavy focus on the environment.
Reacting to Obama's priorities, Hormats told "Squawk Box" that growth is beginning to accelerate in the U.S. economy. "The energy revolution in the U.S. will be helpful and corporate balance sheets are in good shape. The housing market is going to be coming back."
—By CNBC's Matthew J. Belvedere; Follow him on Twitter @Matt_SquawkCNBC