Earlier this week, the White House and congressional leaders reached a tentative two-year budget deal to lift mandatory spending caps on defense and domestic programs and raise the federal debt ceiling, in an attempt to avert yet another fiscal standoff.
The agreement would raise the government debt ceiling until March 2017, removing the threat of an unprecedented and market-rupturing national default after the government would have run out of spending authority next Tuesday.
At the same time, it would set the federal budget through the 2017 fiscal year and ease punishing spending caps by providing $80 billion more for military and domestic programs. The deal would be paid for with spending cuts and revenue increases touching areas from tax compliance to spectrum auctions.
"Why not insist on structural reforms? Why not cut spending? I don't mean shrink the growth rate, I mean actually spend less," Jindal said. "Let's be honest, $18 trillion in debt [and] a record-low participation rate in the workforce and a record number of Americans on food stamps; we're going the way of Europe."
He added: "The left is trying to turn the American dream into the European nightmare."
South Carolina Sen. Lindsey Graham disagreed, saying he supported the budget deal for one reason: security.
"There are more terrorist organizations with safe havens to attack the American homeland than at anytime since Sept. 11," Graham said. "This budget, if it is paid for, will put $40 billion back in the Defense Department at a time when we need it."
"We're in the process of reducing our defense spending by half," he said. "I've never seen so many threats to our homeland than I do today."
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— CNBC's Reem Nasr, AP and Reuters contributed to this report.