(Bloomberg) -- Vice President Mike Pence said the Trump administration’s tax overhaul initiallycould add to the U.S. budget deficit, but would result in highereconomic growth to address it.

The comments acknowledge that the White House plan, details ofwhich may be months away, wouldn’t be revenue-neutral, putting President Donald Trumpat odds with some congressional Republicans.

Separately, Trump said in an interview with CBS’s “Face theNation” that the network released on Monday that he still plans toeliminate the “carried interest” tax break that some investmentmanagers use to lower their tax rates. “It’s out. Done,” thepresident said. His White House chief of staff, Reince Priebus, hadalso hinted on Sunday that carried interest would be targeted aspart of the tax plan, many details of which are still unclear.

Days after news that the U.S. economy expanded in the firstquarter at the slowest pace in three years, Pence said on NBC’s“Meet the Press” on Sunday that the U.S. needs growth that would bespurred by tax reductions to meet its existing obligations, whileconceding that the president’s proposal may boost the deficit.

“Maybe in the short term, but the truth is, if we don’t get thiseconomy growing at 3 percent or more, as the president believesthat we can, we’re never going to meet the obligations that we’vemade today,’’ Pence said.

Trump said on “Face the Nation” on CBS on Sunday that besidesthe faster economic growth he anticipates, deficits are “going tobe made up by better trade deals” and by what he called a“reciprocal tax” on countries that export products to the US.

“We’re going to come up with reciprocal taxes and lots of otherthings on those countries,” Trump said. “We’re also going to fixall of our trade deals. We’re going to have a very wealthy countryagain.”

Many Republican lawmakers campaigned for years on reducing U.S.debt and deficits. Under Senate rules, any changes to taxationwould end after 10 years unless the proposals are revenue neutral-- that is, they don’t add to the deficit in the long run.

Senate Democratic Leader Chuck Schumer said Trump’s outline“adds anywhere from $3 trillion to $7 trillion to the deficit” andthat Republicans must account for that.

“Many of our Republican friends who railed against the deficitwhen President Obama wanted to help middle-class people and poorpeople are saying that this is OK,” Schumer said on “Fox NewsSunday.” “I think it’s going to cause huge problems forAmerica.”

Representative Cathy McMorris Rodgers of Washington state, theRepublican conference chairwoman, said on Fox’s “Sunday MorningFutures’’ that “budget neutrality” is her goal for the tax overhaulbecause she wants people and companies to have certainty about whattheir taxes are going to be through permanent changes.

On the same program, IBM Chief Executive Officer Ginni Romettysaid that long-term certainty, as well as an outright lowering ofthe corporate tax rate, is critical.

“If we get certainty, that as well helps dictate a company’sbehavior,” Rometty said. “That’s what really spurs jobs -- is whenyou can make long-term investments.”

The administration released an outline on April 26 that callsfor slashing the corporate income tax rate to 15 percent from 35percent, reducing the number of income tax brackets to three, andapplying a one-time, low rate to an estimated $2.6 trillion inoffshore profits that have so far avoided U.S. taxes.

Full details could be months away.

Economist Kyle Pomerleau of the conservative Tax Foundation hassaid there wasn’t enough information to provide a cost estimate forTrump’s tax plan, while the nonpartisan Committee for a ResponsibleFederal Budget released a rough estimate that it could cost $3trillion to $7 trillion over the next decade -- potentially“harming economic growth instead of boosting it.”

‘Exploding deficits’

Larry Fink, chief executive officer of investment companyBlackRock Inc., said on Friday that the tax proposals are unlikelyto spur enough growth to reduce U.S. deficits, and would put thenation “on the path of exploding deficits.”

While Trump’s one-page tax-plan outline didn’t mention carriedinterest, a tax break that lets some investment managers pay lowertax rates than average workers, a White House official said onThursday that the president plans to keep his campaign promise toend it.

Speaking on ABC’s “This Week” on Sunday, Priebus concurred,saying hedge-fund managers and others hoping to keep that tax break-- by virtue of the fact it wasn’t mentioned in the April 26summary -- will be disappointed.

“The president wants to get rid of carried interest,” Priebussaid. “So that balloon’s not going to stay inflated very long, Ican assure you of that.”

Democrats have been demanding that Trump release his tax returnsas part of any tax overhaul to show how he might benefit. Priebussaid when a routine audit of the president’s taxes is over, “hewill look at releasing his taxes.”

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