Former Speaker of the House John Boehner said that the U.S. government deficit would become the No. 1 political issue in about six months.

"As interest rates continue to get to a normal level, it's going to have a huge whipsaw effect on the deficit," Boehner told CNBC's "Squawk on the Street."

Boehner voiced support for the tax cuts but lamented President 's decision to maintain spending on entitlements. "I have to believe it's Paul Ryan's biggest disappointment as speaker," he said. "Paul Ryan had a plan to balance the budget over 10 years."