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President Trump signed a massive budget package Friday morning that lifts spending caps while funding the government through March 23, ending a brief government shutdown.

The House sent the $400 billion deal to Trump's desk after approving it in the pre-dawn hours, on a 240-186 vote. This followed objections from Democrats over the absence of any immigration component and from fiscal conservatives over the sheer level of spending.

Sen. Rand Paul (R-Ky.) warned that government spending is out of control and we could return to "Obama-era deficits."

On "Shepard Smith Reporting" on Friday, "Fox News Sunday" anchor Chris Wallace said the GOP claims to be the party of fiscal responsibility, but with a Republican president, House and Senate they have "blown all the doors off the deficit."

"The dirty little secret is ... that when Democrats are in the White House, Republicans talk about 'deficits matter' and 'spending matters.' When Republicans get in the White House -- this was true of Bush 43 -- they're big government spenders and the deficits always go to heck," Wallace said.

He explained that the deal means an additional $400 billion of borrowing over the next two years, adding that the Republican tax cuts are predicted to add more than a trillion dollars to the deficit over the next decade.

"The new projection is for 2019 we'll be back over $1 trillion a year in deficits and stretching on as far as the eye can see," Wallace said. "And again, this is with a Republican government in Washington."

Watch more above.

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