UPDATED 1:43 PM PT — Mon. February 12, 2018
White House Budget Director Mick Mulvaney warns this year’s increased budget deficit could cause interest rates to rise.
The budget deal, which President Trump signed into law last week, is expected to increase the deficit by $1.2 trillion.
However, Mulvaney said the tax cuts will create economic growth, which will eventually lead to a lower deficit.
He reiterated the president’s claims that Republicans were forced to increase spending on welfare programs in order to get Democrats to vote in favor of the bill.
Mulvaney noted, America’s rising debt is a serious issue and needs to be addressed sooner rather than later.
The budget director said Congress needs to restructure its spending habits, adding, the money Democrats want to put toward social programs should be spent on infrastructure and tackling the opioid crisis.