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Jack Birle


NextImg:Chip Roy warns Senate not to raise deficits in ‘big, beautiful bill’

As the legislation dubbed by Republicans the “one big, beautiful bill” moves to the Senate, Rep. Chip Roy (R-TX) warned the upper chamber of Congress not to raise deficits.

The massive spending and tax cut bill passed in the House on Thursday morning, 215-214. Roy was one of the GOP members who voted in favor of the legislation after some hesitation over the effects it would have on the federal deficit. On CNBC’s Squawk Box, Roy said that, similar to the SALT caucus standing up for its priorities in the bill, deficit hawks will ensure their priorities are kept intact.

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Roy said Rep. Warren Davidson (R-OH), who voted against the bill, was correct in expressing concern over the immediate effects on the deficit and calling for cuts to occur sooner rather than later in the legislation’s timeline.

“The Senate better not break that deal, because that was the deal that got us through the House, and we need to do even better. We need to, as I said, Warren’s right. We can’t have a front-loaded spending and front-loaded deficits and then have the savings in the out years. We need to start at the beginning,” Roy said.

Roy also pointed to Moody’s Ratings Service downgrading the United States’s credit rating from triple-A to double-A last week and movement in the bond markets as evidence of the need for “fiscal discipline” by Congress.

“Our nation needs to have fiscal discipline from its leadership so the bond markets can have faith that we’ll have stable markets going forward. And I think that ought to be really governing everything we do. And most business leaders across the country should agree with that,” Roy said.

HOUSE PASSES LANDMARK ‘ONE BIG, BEAUTIFUL BILL’ TO DELIVER TRUMP’S TAX CUTS

“We need good tax policy. We’ve done some of that in this bill, but we also need to have spending restraint, and that’s been one of our governing principles here,” he added, discussing the necessity of tying tax cuts to spending cuts.

The “one big, beautiful bill” will now head to the Senate for consideration, and could return to the House in the coming weeks with amendments. GOP leadership is hopeful the legislation can be sent to President Donald Trump’s desk by July 4.