White House budget director Mick Mulvaney: Economy is doing better than we expected

    • "We actually underestimated the potential of the American economy," White House budget director Mick Mulvaney tells CNBC.
    • "We fundamentally changed the way the economy is structured," he says.
    Office of Management and Budget (OMB) Director Mick Mulvaney speaks to the media at the U.S. Consumer Financial Protection Bureau (CFPB), where he began work earlier in the day after being named acting director by U.S. President Donald Trump in Washington November 27, 2017.
    Joshua Roberts | Reuters
    Office of Management and Budget (OMB) Director Mick Mulvaney speaks to the media at the U.S. Consumer Financial Protection Bureau (CFPB), where he began work earlier in the day after being named acting director by U.S. President Donald Trump in Washington November 27, 2017.

    White House budget director Mick Mulvaney told CNBC on Tuesday that economic growth is higher than what the Trump administration expected.

    Mulvaney was asked about the 2.9 percent GDP growth in theeconomy during the fourth-quarter.

    "We didn't even think we can do it till 2020 [3 percent growth] ... And we're there actually ahead of schedule," he said on "Squawk Box." "Not only was it not crazy, we actually underestimated the potential of the American economy."

    The budget director said the surprising growth was due to anticipation of the president's tax reform, deregulation and energy policy changes.

    "It's been a very very successful year economically for us. We are very pleased on what the president was able to accomplish," he said. "We fundamentally changed the way the economy is structured."