Meadows, R-N.C., said it’s a work in progress but he expects his group of fiscal hawks, sometimes called the "Hell No Caucus" for their propensity to vote against anything that would raise the deficit, to be able to get on board despite estimates that the bill will grow the deficit by $1.5 trillion in the short term.
“Even though we're looking at a $1.5 trillion increase in that deficit in the short run, preliminary numbers really look very good in terms of economic growth. Over a longer period of time, some 10 to 15 years, we believe that the economic growth will outweigh any short-term deficit increase that we see,” Meadows said.
Meadows justified that position by pointing to his belief that the economic growth generated by the tax cuts will spark enough revenue growth to make up for those cuts.
“As I have looked [at] this particular bill, it appears that we should be able to get hopefully a 3.5 to 3.6 [percent] GDP growth bump,” Meadows said. “When we do, that actually means higher wages, a stronger economy. And as you look at a longer budget window, what it does is, even though we're looking at increasing the deficit in the short run, over a 15-year period, it appears we could actually have these tax cuts paid for because of the economic growth.”