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,â€Â 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,â€Â 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.
