Representative John Rose said the new federal budget has lots of good pieces, but wants to see more spending cuts.
The Senate passed its version Tuesday. It includes increased spending for border security, defense, and energy production. Rose said the bill includes a spending cut of some $1.6 trillion, but some GOP legislators wanted more reductions.
“I would count myself among those,” Rose said. “I think this is a good beginning, but it doesn’t get us where we need to be. I’m one though who believes, you know, let’s take a decisive, positive step in the right direction and then we can come back and do more later.”
President Trump wants the bill approved by the House by July 4th. Rose said he would return to Washington for the House discussions.
Rose said campaign promises from President Donald Trump, including no tax on tips and overtime, are included in the bill. In addition, an extension of the 2017 tax cuts, tax breaks for senior citizens, and tax credits for purchasing American made vehicles are included in the bill.
“We’re hoping that the bill, as it comes back to us from the Senate, will keep the best of those things,” Rose said. “Lots of really food things in there. It would amount to the biggest tax cut in American history for working and middle class Americans, and I think that’s important to remember. But it’s also important to spurring economic growth.”
Rose said the bill could increase GDP between 3.5 to 5 percent annually.
Rose said getting the bill across the finish line quickly is important.
“The reason it matters, though, I’ll tell you as a business person myself is that business owners, business people need certainty in their taxes,” Rose said. “It has a big impact on the investments that they make and the hiring that they do. The sooner that businesses know what their tax picture is going to be going forward, the more confidence they will have in making investments and the better that will be for the economy.”
The bill was approved by a narrow 51-50 vote, with Vice President J.D. Vance casting the tie breaking vote.
