White House National Economic Council Director Kevin Hassett dismissed a Congressional Budget Office estimate that the "one big beautiful bill" headed for a signature by President Donald Trump will add at least $3.3 trillion to the national debt in the next 10 years.
"It's just not a concern at all, because the CBO numbers just don't make any sense at all," Hassett said Friday on Newsmax's "National Report." "The CBO estimates that we're going to grow just a little bit more than 1% over the next 10 years, and so we're not going to have any revenue. And that's where their deficit estimate comes from."
But, Hassett said, "if instead we grow at 3% per year, which is about what we got after the tax cuts last time, then that's going to add $4 trillion in revenue over the next 10 years."
That means that before the trillions of dollars in spending cuts the bill makes are added in, "That $4 trillion more than accounts for the $3.3 trillion that the CBO's worried about," he he said.
"We're highly confident that we're going to get growth that's much greater than what the CBO says," Hassett said. "That's going to give us a lot of revenue, and we're highly confident that we're going to be cutting spending pretty much a little bit more every week until we get the wasteful spending just excised from Washington."
Hassett said the bill will put "a lot more money" into Americans' pockets while leading the nation closer to a balanced budget because of the spending reductions that are included, such as "repealing the wasteful spending on things like USAID."
"Those things are going to just come with a steady drumbeat week after week," said Hassett, noting that the White House Office of Management and Budget estimated that discretionary spending will be cut by $160 billion this year.
"In the end, we expect this to be a massive, massive shot in the arm for the American people in terms of money in their pockets, and it's going to reduce the deficit as well," he said.
Overall, said Hassett, the bill will "create a golden age for Americans."
"The last jobs report was for the fourth time in a row, much bigger than expected," he said. "We've created more than 2 million jobs already in anticipation of all the economic growth we're going to get from this big, beautiful bill. And so I think what Americans should expect is the golden age that President Trump promised."
And Friday afternoon's signing bill "is going to be the most entertaining signing bill that anybody has ever seen," said Hassett. "Just stay tuned and watch."
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Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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