Tax cuts are likely to come before spending increases in Donald Trump's administration, according to one expert. "In terms of impacting the economy, it's tax cuts first, spending second," said economist Steve Blitz. "You probably get a tax cut legislated and signed by July--and they'll decide whether or not they want to make it retroactive to Jan. 1." As for spending increases, he said defense is the easiest to implement and that infrastructure spending is easier to legislate, but harder to get the money spent. "What it all means is more fiscal spending, and that does push up the demand for capital in the economy," he said. TheStreet's Scott Gamm reports from Wall Street.