Republican House Majority Leader Kevin McCarthy expressed optimism about the future of the economy on Wednesday and said there should be a second tax bill to help bolster the market’s prosperity.
McCarthy claimed Democrats would seek to raise taxes if they seized control of Congress in November and thinks the Trump administration’s policies have the nation on the right track.
“[Democrats] came out with their plan. They want to raise taxes if they were able to take majority,” McCarthy said on Fox Business Wednesday. “So I think it is smart, all the benefit that we had, where you have unemployment at new low — I think it’s smart that we look at another tax plan going forward. To have more tax cuts to be able to move this economy and grow.”
McCarthy also believes the country needs economic growth coupled with spending cuts to minimized the national debt.
“And if you really want to get out of debt, yes, you have curve the spending in government but you have to grow the economy,” he continued. “You will not get out of this problem without growth. And look at conversations that you’ve had. We’re finally getting back to 3 percent growth. Something we didn’t see in the last eight years.”
“It’s a new administration. It’s a new opportunity for America and I think it’s the beginning of America’s comeback,” he added.
As part of phase two of the tax plan, McCarthy advocated for making the individual tax cuts permanent, but said the bill would be too complex to rush and will likely take time to implement.
“I want to see individuals [tax cuts] made permanent, but like any big bill when you go through it there are going to be other aspects that you didn’t think about,” he concluded. “Let’s see where we need to go there. Let’s see how this bill has transferred and changed the economy. Is there places we missed? Let’s listen to the economy, and let’s go back and analyze that.”
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