Rep. Adam Smith (D-Washing), ranking member of the House Armed Services Committee, has said he believes the passage of a tax reform bill does not bode well for future efforts to advance a military buildup and increase defense spending, SpaceNews reported Wednesday.
“I think this tax cut passed today means there is not going to be any significant increases in any spending,” Smith told the publication.
“Even if you repeal the Budget Control Act, which I think we have to do, you then have to live with a more finite world of resources,” he added.
Congress on Wednesday passed the tax reform measure that would authorize a 20 percent cut on business income and reduce corporate tax rate from 35 percent to 21 percent.
The legislation is also expected to contribute $1.5 trillion to the $20 trillion national debt over the next decade.