Economic growth picks up to 3.1 percent

The economy grew at a faster pace in the third quarter, bolstered by consumer spending and a slower rate of import growth. 

Gross domestic product was revised up to 3.1 percent in the third and final estimate, released Thursday for the July-September period, partially driven by more spending by state and local governments, the Commerce Department reported on Thursday.

That rate is higher than forecast and above the 2.7 percent estimated last month. 

The nation's economy expanded at a 1.3 percent rate in the second quarter. 

Economists have expressed concern that growth could be cut in half in the final three months of the year because of trepidation from consumers and businesses over looming tax increases and spending cuts that Congress is still trying to solve. 

The House will vote on two bills on Thursday that would replace scheduled sequester cuts for next year and provide permanent tax relief for those making less than $1 million a year. 

But congressional Democrats and the White House aren't on board with the plan and the measure, pushed by Speaker John Boehner (R-Ohio), might not attract enough votes to pass.