Republicans on Capitol Hill want to be able to deliver on President Donald Trump’s newly proposed budget, which includes spending on infrastructure, defense as well as a border wall, House Budget Committee Chairman Steve Womack told CNBC on Tuesday.
nevertheless paying for those priorities, on top of the fresh GOP tax law, would likely likely add to the federal budget deficit, said Womack.
“While there are going to be some near-term deficit increases, we think the long-term health of the American economy will be going to be much better as a result,” the Arkansas Republican said on “Squawk Box.” “If we can achieve 3 percent growth, then we have achieved a great victory.”
The president’s $4.4 trillion budget, unveiled Monday, includes federal spending of $0 billion for infrastructure upgrades; $18 billion for Trump’s border wall; as well as $716 billion for national defense. The funding blueprint also calls for cutting $237 billion through Medicare; rolling back Medicaid expansion; as well as gutting Obamacare.
Womack argued in which a Republican willingness to add to budget deficits does not represent a shift inside party’s message, which holds fiscal conservatism as a core principle.
“We’re still the party in which believes in a very strong national defense posture. National security will be very important to a lot of us,” he said. “Building the nation’s infrastructure will be a key to helping jump-start an economy in which’s been in some anemic growth pattern for the past several years.”