Office of Management and Budget director Russell Vought predicted that President Donald Trump’s tax legislation would be “historic.”
The House of Representatives passed what has been dubbed the ‘big, beautiful bill’ on Thursday. Vought compared it to the 1997 Balanced Budget Agreement, which, at the time, cut spending by over $200 billion and did as the name suggests.
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“We think this is a major step forward to get us on the road to balance,” Vought said Thursday on Fox News’s The Faulkner Focus. “Why? Because it gets us out of fiscal futility, where we have been unable to pass anything like this for decades.”
However, the bill has come under scrutiny for costing some $400 billion in tax cuts. Vought defended the cost for the sake of domestic production in the years to come.
“We believe that it is important, and a foundation for balancing the budget is to remain a growing economy,” Vought said. “This bill will preserve that option. We will have $2.6 trillion of economic growth, dynamic scoring. We don’t think that that is a high-water mark. We actually think that’s middle-of-the-road expectation of what we can see.”
“This is not going to hurt the deficit,” he added.
RUSSELL VOUGHT PROMISES ‘FASTER TRADE DEALS AROUND THE WORLD
Next, the bill will be voted on by the Senate. Sen. Rand Paul (R-KY) said he is committed to voting against it due to the large amount of spending it calls for.
The Kentucky senator attempted to put forth an amendment that would increase the debt ceiling in the United States every three months to shadow federal spending cuts. However, his amendment did not garner the necessary support.