White House Economic Adviser Larry Kudlow said on Tuesday the U.S. government will borrow funds to cover any Social Security and Medicare shortfalls that may arise under President Donald Trump's executive order allowing businesses to defer paying the payroll taxes that support the programs.

"We will bond out any additional money as we always do. The Treasury - we work through general revenues and issued non marketable securities to this even with forgiveness," he said, adding that "it's a very manageable number" and at this point time "we're not ending the tax."