Press Releases
Currently showing results related to Debt
Interest Costs Skyrocket by 152 Percent Under President Biden
WASHINGTON, D.C. - Under President Biden, the cost to service our national debt has skyrocketed. Since January 2021, spending on interest has grown by an astonishing 152 percent. For context, during the same period, spending growth for key areas: 33 percent growth in spending for Social Security 21 percent growth in spending for Medicaid 15 percent growth in spending for Defense 14 percent growth in spending for Medicare Interest is the fastest growing obligation in the federal … Continue Reading
May 15, 2024
Chairman Arrington Introduces Legislation to Provide Taxpayers Transparency on the Public Debt
WASHINGTON, D.C. - House Budget Committee Chairman Jodey Arrington (R-TX) introduced legislation that would inform and educate the American people on the nation’s fiscal trajectory and what it means for them and their families. H.R. 8372, the Debt Per Taxpayer Information Act, would provide each American filing a tax return with information on their W-2 about federal revenues, outlays, and deficits in the latest available tax year, the total gross debt, and the estimated debt per taxpayer. It … Continue Reading
May 14, 2024
CBO Report on Inflation Covers Up the Harmful Effect of Bidenomics on the Economy
WASHINGTON, D.C. - Today the Congressional Budget Office (CBO), released a report entitled, “An Update About How Inflation Has Affected Households at Different Income Levels Since 2019.” This was an update to a report from September 2022. The updated report, requested by Senate Budget Committee Chairman Sheldon Whitehouse (D-RI), shows the cumulative inflation effects on households since 2019. This five-year cumulative look back, with no year-by-year breakdown, conflates the positive … Continue Reading
May 07, 2024
Fox Business: Chairman Arrington Discusses Looming Insolvency of Social Security, Medicare, and the Upcoming Hearing on the Cost of the Border Crisis
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) joined Fox Business’s Cavuto: Coast to Coast with host Neil Cavuto to discuss the looming insolvency of our entitlement programs such as Social Security and Medicare, and to highlight the Committee’s upcoming hearing entitled “The Cost of the Border Crisis.” Click HERE to watch Chairman Arrington on Cavuto: Coast to Coast Highlights from the Chairman’s interview below: Chairman Arrington on the Border … Continue Reading
May 06, 2024
Social Security and Medicare Continue on Path to Insolvency, Trustees Confirm
WASHINGTON, D.C. - Today, the Social Security and Medicare Trustees annual reports were submitted to Congress. The reports highlight the alarming financial predicament for the future of the Social Security and Medicare programs that millions of seniors depend on. Chairman Arrington's Statement on the Social Security and Medicare Trustees Reports: In response to the reports, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement: “We have the … Continue Reading
May 01, 2024
House Budget Republicans Seek to Streamline U.S. Defense Spending and Budgeting Process with DoD Watchdog
WASHINGTON, D.C. - Today, House Budget Committee Members, led by House Budget Committee Oversight Task Force Chair Jack Bergman (R-MI), convened a roundtable discussion focused on streamlining the budgeting process for the Department of Defense (DoD) with the Commission on Planning, Programming, Budgeting, and Execution (PPBE) Reform. Congress established the PPBE Commission on a bipartisan basis—via section 1004 of the “Fiscal Year 2022 National Defense Authorization Act” (NDAA)—to … Continue Reading
April 26, 2024
President Biden’s Executive Actions Have Cost Taxpayers Over $2 Trillion
WASHINGTON, D.C. - Since taking office, President Biden has proposed and implemented executive actions that have cost taxpayers over $2 trillion. This spending was put forth by the Biden Administration without Congressional approval, underscoring the need for increased oversight and transparency throughout the Executive Branch. The House Budget Committee reviewed the President’s major executive actions to determine their status, costs, and implications. They range from relatively specific to … Continue Reading
April 26, 2024
Chairman Arrington, Health Care Task Force Chair Burgess Request Investigation into Obamacare Program Driving Deficits
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) and Budget Committee Health Care Task Force (HCTF) Chair Michael C. Burgess, M.D. (R-TX) sent a letter to Comptroller General Gene Dodaro of the U.S. Government Accountability Office (GAO) requesting an updated report on the cost of the Center for Medicare and Medicaid Innovation (CMMI) and its effect on the federal budget. The Relationship Between Federal Spending and CMMI: The Patient Protection and … Continue Reading
April 26, 2024
Bureau of Economic Analysis: PCE Inflation Rose to 2.7 Percent in March
WASHINGTON, D.C. - Today, the Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, rose to 2.7 percent for the month of March. This is an increase from February’s 2.5 percent. Chairman Arrington on PCE: House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on the PCE rising 2.7 percent in March: “Today, the Bureau of Economic Analysis (BEA) reported that … Continue Reading
April 24, 2024
Chairman Arrington Responds to American Action Forum (AAF) Report: Biden’s Regulations Costing Nearly $1.4 Trillion
WASHINGTON, D.C. - Yesterday, the American Action Forum (AAF) released a report that shows since taking office, President Biden’s agency rulemakings have cost the federal taxpayer $1.37 trillion and counting. House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on the cost of President Biden’s regulations: “President Biden is on track to impose more regulatory cost on our economy than any President in history, adding $1.4 trillion since coming to office. This … Continue Reading
April 19, 2024
Chairman Arrington Offers Amendment at the House Rules Committee to Fully Offset the Cost of National Security Supplemental and Restore Fiscal Responsibility
WASHINGTON, D.C. - Yesterday, House Budget Committee Chairman Jodey Arrington (R-TX) offered an amendment at the House Rules Committee hearing on H.R. 8034, 8035, 8036, and 8038 to the 21st Century Peace Through Strength Act. His amendment would have fully offset the cost of these bills, contributed at least $50 billion to deficit reduction, and helped restore fiscal responsibility. Ultimately, the amendment was not advanced by the Rules Committee for consideration on the House Floor due to … Continue Reading
April 12, 2024
Penn Wharton Sounds the Alarm on Biden’s Student Loan Bailout Scheme
WASHINGTON, D.C. - Today, the Penn Wharton Budget Model (PWBM) released an analysis of President Biden’s latest student loan cancellation scheme, which was unveiled earlier this week. PWBM’s report reveals this plan is projected to cost taxpayers $84 billion and would disproportionately affect high-income earners. Roughly “750,000 households making over $312,000 in average household income” would be eligible for longer-term student debt cancellation. Chairman Jodey Arrington (R-TX) … Continue Reading
April 10, 2024
Chairman Arrington Statement on the 3.5% Inflation Rate for March, the Highest Level in Six Months
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Consumer Price Index (CPI) report for March showed that inflation increased by 3.5%, the highest level in six months. “President Biden’s failed economic policies and congressional Democrats’ tax and spend agenda continue to devastate the American people. Inflation is at its highest level in six months, and Bidenflation isn’t going anywhere. Families’ buying … Continue Reading
March 19, 2024
Chairman Jodey Arrington Delivers Statement of Support During Floor Debate on H.R. 766
WASHINGTON D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) spoke on the House Floor in favor of H.R. 766, the Dr. Michael C. Burgess Preventive Health Savings Act. The bill passed by a voice vote. The historic accomplishment marks the first time in history that a bipartisan bill with sole Budget Committee jurisdiction has been brought to the Floor under a suspension of the House rules. Click HERE to watch Chairman Arrington’s Statement. Chairman Arrington’s … Continue Reading
March 15, 2024
Chairman Arrington Discusses Biden’s Four Years of Fiscal Failure on Fox News Radio
WASHINGTON, D.C. - This week, House Budget Committee Chairman Jodey Arrington (R- TX) joined the Guy Benson show with guest host Ross Kaminsky to discuss President Biden’s four years of fiscal failure, how Biden’s climate policies are hurting the economy, House Republicans’ “Reverse the Curse” budget, and more. Some highlights from the discussion are below. Click HERE to listen to Chairman Arrington on Fox News Radio. House Budget Chairman Arrington on Biden’s Four Years of Fiscal … Continue Reading
March 14, 2024
Budget Health Care Task Force Examines Obamacare Program Driving Deficits
WASHINGTON, D.C. - On Tuesday, March 12, the House Budget Committee Health Care Task Force (HCTF), led by Chair Michael C. Burgess, M.D. (R-TX), held its second member roundtable, examining the budgetary effects of the Center for Medicare and Medicaid Innovation (CMMI), which was originally projected to save tax dollars, but is now adding billions to our mounting debt. This roundtable brought together members of the HCTF, Director Phillip Swagel of the nonpartisan Congressional Budget Office … Continue Reading
February 15, 2024
A Tale of Two Deficit Reductions
The recent Congressional Budget Office's (CBO) Budget Outlook underscores that Republicans and Democrats have very different meanings for “deficit reduction.” According to CBO's assessment, the Democrats' Inflation Reduction Act (IRA), initially anticipated to yield a deficit reduction of $58 billion, is now projected to cost an additional $364 billion. This stems from factors including underestimated claims for green tax credits and out-of-control administrative actions by the Biden … Continue Reading
February 07, 2024
CBO 2024 Baseline: The Baseline Under President Biden
The Deterioration of the Federal Budget Outlook Since Biden Took Office: Since January 20, 2021, the gross federal debt has increased by $6.4 trillion. To put that in perspective, the federal government has accumulated more debt in the last three years than in the first 214 years of the U.S. federal government (1789-2002). The debt continues to grow at an unsustainable rate under current policies. The latest Congressional Budget Office (CBO) baseline projected gross federal debt … Continue Reading
January 04, 2024
Chairman Arrington Releases Statement on CBO Fiscal Responsibility Act Analysis
WASHINGTON D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement in response to the Congressional Budget Office (CBO)’s issuance of guidance on the implementation of the Fiscal Responsibility Act (FRA), specifically the execution of spending caps: "Today, the Congressional Budget Office (CBO) sent a letter to House Budget Committee leadership providing clarity on how the spending caps included in the debt ceiling deal known as the Fiscal … Continue Reading
January 03, 2024
Chairman Arrington Reacts to Highest National Debt in History
WASHINGTON D.C. - Today, Chairman Jodey Arrington (R-TX) released the following statement in response to the national debt reaching $34 trillion for the first time in history: “The fiscal health of our nation is in rapid decline and a sovereign debt crisis would completely upend America’s security, prosperity, and leadership in the world. Washington politicians have made promises they can’t keep and created a government they can’t afford, and the consequences of their fiscal recklessness … Continue Reading
