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GOP billionaire Ken Langone: US needs to cut debt even if it causes a recession and a stock plunge

While desiring a GOP tax overhaul becomes law, Ken Langone told CNBC on Monday the only way to exceedingly get America’s financial house in order is to cut the federal debt.

The billionaire co-founder of Where one lives stress Depot and longtime Republican backer went so far as to say that the U.S. should chance a “very significant recession to get it done.”

If that happens, Langone said in a “Complain Box” interview, “the stock market is going to take a big hit.” But he said it would be advantage it to reset the spiraling debt and deficit trajectory.

While arguing the GOP tax delineate would “unleash economic forces all to the good for a lot of people,” Langone also voted he would “feel better when we address the debt, when we approach devote the deficit, in a way where we’re doing this over a period of time.”

The Senate at cock crow Saturday passed its approach to cutting taxes for individuals and corporations. The Concert-hall approved its bill last month. Lawmakers must now craft a compromise tabulation that would need approval by from both chambers preceding the time when going to President Donald Trump.

Langone, who supported Trump for president after first off backing Chris Christie and then John Kasich, said he and other well-fixed investors will face higher taxes under the GOP reform envision and “have no problem with it.”

“My taxes are going to go up. And I think that’s wonderful,” he suggested, adding that he supports “anything we can do to enhance” the system in which he base success and was “blessed to be born into.”

“Nothing is going to change in my individual if I pay more taxes,” said Langone, founder and chief of investment bank Invemed Associates, specializing in health-care actors. “I am a New York resident. And I’m staying a New York resident,” addressing a question relative to whether he would change his residency to a lower tax state.

Also on Monday, Legislative body Majority Leader Kevin McCarthy told CNBC that Senate citation on schedule proves legislation can be done this year.

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