WASHINGTON — Vice President Mike Pence on Sunday morning acknowledged that the Trump administration’s tax proposal could increase the deficit, at least at first.
“Maybe in the short term,” he said during an exclusive interview on NBC’s “Meet The Press,” while predicting that it would eventually be overcome by economic “growth.”
“The truth is,” he added, “if we don’t get this economy [growing] at 3 percent or more as the president believes that we can, we are never going to meet the obligations that we’ve made today.”
“The president has proposed one of the largest tax cuts in American history,” Pence said.
On Wednesday, the White House released a one page outline for changes they want to see in the tax code, including lowering individual tax rates to 10 percent, 25 percent and 35 percent, and also cutting the corporate tax rate to 15 percent.
Based on the single page of tax reform goals released by the White House this week, many economists have predicted that implementing all of the changes could increase the deficit by trillions of dollars.
Pence’s appearance coincided with the Trump administration hitting their 100-day mark in office, as they work to defend themselves from stories about their lack of notable legislative success.