ICYMI
Via the Peter G. Peterson Foundation: What is the National Debt Costing Us?
Since taking office, the Biden-Harris Administration has added over $7.3 trillion to the national debt, adding $1 trillion in the past seven months alone. In all, our national debt now exceeds $35 trillion and without immediate action, this will fall on the backs of future generations of Americans. A recent report from the Peter G. Peterson Foundation argues lawmakers will soon have to cut government funded programs that many Americans rely on, all as a result of our reckless spending. Word … Continue Reading
August 08, 2024
Via the New York Post: Biden-Harris Market Crash Shows They Set Not Just the World, but the Economy on Fire
This week, financial markets gyrated drastically. After an initial drop, markets recovered somewhat but those gains did nothing to alleviate the ever-present fear that a recession looms over U.S. investors and consumers. After all, since the Biden-Harris Administration assumed office, our national debt has skyrocketed by $11.6 trillion; over $2 trillion of that is attributable to a series of executive actions that brazenly bypassed Congress entirely. A recent New York Post editorial … Continue Reading
August 07, 2024
Via the Competitive Enterprise Institute: Biden-Harris Admin Regulations Cost U.S. Households More Than $15,000 Annually
Since taking office, the Biden-Harris Administration has proposed and implemented executive actions that cost American taxpayers and hurt families. A recent study by the Competitive Enterprise Institute (CEI) quantifies the annual cost of federal regulations. CEI scholars calculated that the federal regulatory burden costs the average household more than $15,000 per year, and totals $2.1 trillion in additional annual costs to Americans. Word on the Street: Via Clyde Wayne Crews with the … Continue Reading
August 01, 2024
Via RealClear Investigations: Biden’s Obamacare Expansions Could Cost Another $383 Billion
The Biden-Harris Administration has radically expanded Obamacare through unilateral executive actions and two partisan Democrat reconciliation spending bills. In fact, since the Biden-Harris Administration took office, the cost of Obamacare premium tax credit subsidies has nearly doubled from $68 billion in 2021 to $125 billion in 2024, fueling our $35 trillion national debt. Responding to a letter from House Budget Committee Chairman Jodey Arrington (R-TX) and House Ways and Means Committee … Continue Reading
July 01, 2024
Via Daily Signal: When Washington Spends, You’re on the Hook. You Deserve to Know for How Much.
House Budget Committee Member Congressman Ron Estes (R-KS) is Sounding the Alarm as the national debt continues to soar due to President Biden’s failed economic policies. Congressman Estes outlined the massive scale of the debt crisis in an article in the Daily Signal highlighting how the $34.7 trillion of national debt is affecting the average American family more than they think. He argues for passage of H.R. 8372, the Debt Per Taxpayer Information Act, which was introduced by House Budget … Continue Reading
June 26, 2024
Via the Daily Caller: We Must Address America’s Debilitating Federal Debt Spiral
On Tuesday, June 18, 2024, the Congressional Budget Office (CBO) released its updated budget projections for fiscal years (FY) 2024-2034. This is an update to its February baseline. CBO now projects that deficit spending for FY24 will reach a staggering $1.9 trillion, an estimate that is $400 billion higher than CBO predicted just four months earlier. Additionally, interest spending has increased by $540 billion or 153 percent in the three years since President Biden took office. Our country … Continue Reading
June 21, 2024
Via Forbes: CBO: Cost of Federal Student Loans Nears $400 Billion
On Tuesday, the Congressional Budget Office (CBO) released its updated budget projections for fiscal years (FY) 2024-2034. This is an update to its February baseline. The CBO’s analysis highlights that the cost of federal student loan programs are skyrocketing, with taxpayers projected to spend $393 billion, or $3,100 per household, on these programs over the next 10 years. $140 billion or over a third of this cost directly stems from President Biden’s student loan forgiveness schemes. A … Continue Reading
June 20, 2024
Via Wall Street Journal: Soaring U.S. Debt Is a Spending Problem
On Tuesday, June 18, 2024, the Congressional Budget Office (CBO) released its updated budget projections for fiscal years (FY) 2024-2034. This is an update to its February baseline. CBO now projects that deficit spending for FY24 will reach a staggering $1.9 trillion, an estimate that is $400 billion higher than CBO predicted just four months earlier. This is the third highest annual deficit in American history. A key driver of this increase is the Biden Administration’s use of executive … Continue Reading
June 14, 2024
Via Fox Business: Social Security Payments Will Be Cut $325 Per Month by 2033 Without Changes
Yesterday, the House Budget Committee held an oversight hearing Sounding the Alarm on the looming insolvency threat to the Social Security and Medicare trust funds. The Chief Actuary for the Social Security Administration and the Chief Actuary for the Centers for Medicare and Medicaid Services testified before the committee for the first time in 12 years about their respective safety net programs which are both on the path to insolvency unless action is taken. An article today in Fox … Continue Reading
May 31, 2024
Via Forbes: The Per-Household Cost of Federal Spending and Regulation
Our country is on an unsustainable fiscal path. According to the Congressional Budget Office (CBO), the federal debt now exceeds $34 trillion, equating to over $200,000 per taxpayer. CBO additionally estimates that over the next decade, deficits will double, adding another $20 trillion to the national debt. This nation’s declining fiscal trajectory will impact the lives of all Americans. Most, however, are unaware of this rapid deterioration or what it means for them. The House Budget … Continue Reading
May 22, 2024
The Daily Signal: Bipartisan Proposals Would Hold Presidents Accountable for ‘Improper’ Payments
Last week, the House Budget Committee ordered reported two pieces of bipartisan legislation aimed at reining in improper payments within the federal government. Improper payments pose an immense threat to the fiscal state of this nation. According to the Government Accountability Office (GAO), improper payments are “payments that should not have been made or were made in the incorrect amount.” Since reporting began in 2003, the federal government has made $2.7 trillion in improper … Continue Reading
May 16, 2024
Interest Costs Surpass National Defense and Medicare Spending
Halfway into Fiscal Year 2024, and the United States is now spending more on net interest payments than on national defense and Medicare. Last Friday, the Committee for a Responsible Federal Budget issued a piece highlighting that our Nation has spent more on net interest payments than both national defense and Medicare so far in Fiscal Year 2024. House Budget Committee Chairman Jodey Arrington (R-TX) continues to Sound the Alarm on rising interest payments spent to finance … Continue Reading
May 13, 2024
Washington Times: the Border Crisis Costs Taxpayers $150 Billion and Counting
On Wednesday, May 8, the House Budget Committee held a hearing entitled “The Cost of the Border Crisis.”The hearing focused on the cost of the crisis at our southern border at the federal, state, and local levels. In a recent interview with The Washington Times, House Budget Committee Chairman Jodey Arrington (R-TX) highlighted the need to secure the border and to examine the true “Cost of the Border Crisis.” Word on the Street: Via The Washington Times: “The total net cost to the … Continue Reading
May 02, 2024
House Budget’s Health Care Task Force Calls for Investigation into Cost of Center for Medicare and Medicaid Innovation
The House Budget Committee Chairman Jodey Arrington (R-TX) and Health Care Task Force Chair, Michael C. Burgess, M.D. sent a letter to Comptroller General Gene Dodaro of the U.S. Government Accountability Office (GAO) requesting an investigation on the cost of the Center for Medicare and Medicaid Innovation (CMMI) and their fiscal impact on the federal budget. Established by Obamacare with the intent of saving taxpayer money, CMMI has failed to create budgetary savings and instead has … Continue Reading
May 02, 2024
Winston Group Survey Says: Inflation Fears Flare Again
The worse-than-expected economic indicators for the first quarter of 2024 sent shockwaves through the economy and for consumers, shattering widespread hope for an imminent cut to interest rates, previously teased by Federal Reserve Chair, Jerome Powell. The Winston Group (WG), a strategic planning and survey research firm, issued their findings from a survey that revealed “60% of respondents now believe inflation is worsening,” a sharp increase from just a few months ago. Here is … Continue Reading
May 02, 2024
President Biden’s Student Loan Scheme Could Cost Taxpayers $1.4 Trillion
President Biden’s continued student loan “cancellation” scheme not only incentivizes skyrocketing tuition but also punishes working-class taxpayers, exacerbating our nation’s debt and deficit crisis in the process. A new analysis from the Committee for a Responsible Federal Budget (CRFB) projects that President Biden’s student loan cancellation plans could cost taxpayers a combined $870 billion to $1.4 trillion.[1] Word on the Street: Via CRFB: “To put $870 billion to $1.4 trillion in … Continue Reading
April 29, 2024
The Perils of Drug Price Controls
House Budget Committee Chairman Jodey C. Arrington (R-TX) and the House Budget Committee’s Health Care Task Force (HCTF) Chair Michael C. Burgess M.D. (R-TX) have long cautioned against expanding the so-called Inflation Reduction Act (IRA) Medicare drug price controls before understanding the true impact of these policies on patient access to new cures and therapies. Responding to the House Budget Committee HCTF’s work, the Congressional Budget Office (CBO) published a blog post requesting … Continue Reading
April 24, 2024
WSJ Editorial Board: States Push Back on Biden’s Student Loan ‘Forgiveness’ Schemes
Since taking office, President Biden has attempted to “cancel” more than $1 trillion worth of student loan debt - all without approval from Congress. One of these cancellation schemes, the so-called “SAVE Plan,” was unveiled after the U.S. Supreme Court ruled the Biden Administration’s $330 billion student loan bailout as unconstitutional last summer. Implementation of the “SAVE Plan” is now being legally challenged by 18 states. The Wall Street Journal’s Editorial Board breaks down this … Continue Reading
April 22, 2024
Bipartisan, Former HHS Secretaries: Congress Should Adopt Site Neutral Payments for Health Care
Last week, former Secretaries of Health and Human Services Alex Azar and Kathleen G. Sebelius, who served under Presidents Trump and Obama respectively, wrote a piece in STAT News calling on Congress to pass site neutral payment reform in Medicare, which would save taxpayers billions and reduce out-of-pocket costs for patients. Currently, Medicare reimburses hospital outpatient departments at a higher rate than independent physician offices for the same health care services. Site neutral … Continue Reading
April 19, 2024
Policy Leaders for Former Presidents Reagan, Obama Call on Congress to Pass the Preventive Health Savings Act
On March 19, 2024, the House of Representatives unanimously passed H.R. 766: The Dr. Michael C. Burgess Preventive Health Savings Act. This bill marked the first time in history that a bipartisan bill with sole Budget Committee jurisdiction passed the House under suspension of the rules. Recently, Dan Crippen, Domestic Policy Advisor and Assistant to the President for Domestic Policy in the Reagan Administration and former Director of the Congressional Budget Office (CBO), and Nancy-Ann … Continue Reading
