President Donald Trump's signature One Big Beautiful Bill Act covering government spending reductions and permanent tax cuts will be approved in the House, despite some "pain," Rep. Ryan Zinke, R-Mont., told Newsmax on Wednesday.
"I think it's going to be a long day," Zinke told "National Report." "It's going to be a little painful here and there. But I'm pretty optimistic that the bill is going to pass."
Three key elements that need to be developed if the legislation can be considered successful, he added.
"We've got to make sure the economy improves so we can feel it," he said. "The trade tariffs have to lead to a trade deal. And lastly, interest rates need to come down."
The legislation "relies on growth in the economy," Zinke said, noting most financial analysts look to the bond market as an indicator of economic stability and growth.
"The bond market doesn't lie, if the bond market is our report card in this bill, [and the] bond market stabilizes, interest rates will come down."
And lower interest rates, he said, are good for everyone.
Federal Reserve Chair Jerome Powell this week left the door open to a potential drop in the Fed's primary lending rate. President Trump has been at odds with Powell and the Federal Reserve for continuing to hold its interest rate rather than lowering it.
The debate over the legislation returned to the House following Senate approval Tuesday. Trump has said he wants to sign the bill by the July 4 holiday.
The House must either agree with the Senate's changes or make new changes, which would send it back to the Senate for concurrence. Along with spending cuts in a number of federal department budgets, the bill would make permanent the tax cuts initiated by President Trump in his first term.
Zinke said that is of paramount importance, concluding, if the tax cuts are allowed to expire, America would be "saddled with the largest tax increase in the history of this country."
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Jim Mishler ✉
Jim Mishler, a seasoned reporter, anchor and news director, has decades of experience covering crime, politics and environmental issues.
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