Press Releases
Currently showing results related to Economy
Bureau of Economic Analysis: PCE Inflation Rose by 2.7 Percent in April
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 by 2.7 percent over the last year for the month of April. This is unchanged from March’s 2.7 percent. House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on PCE rising 2.7 percent over the last year in April: How bad was the impact of Democrats’ spending spree and … Continue Reading
May 30, 2024
Bureau of Economic Analysis: GDP Growth for Q1 was Just 1.3 Percent, Even Lower than Previously Estimated
WASHINGTON, D.C. - Today, the Bureau of Economic Analysis (BEA) released its second estimate for economic growth in the first quarter (Q1) of 2024. The report found that real U.S. Gross Domestic Product (GDP) grew by 1.3 percent, .3 percentage points lower than forecasted last month. This finding underscores that President Biden’s failed economic policies have been a disaster for the economy. Chairman Arrington's Statement on GDP Growth: House Budget Committee Chairman Jodey Arrington … Continue Reading
May 29, 2024
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 28, 2024
Consumer Confidence Wanes for Second Consecutive Month, Fears of Looming Recession Continue to Grow
WASHINGTON, D.C. - Today, the Conference Board released its report entitled, “Confidence Ticks Up after Three Straight Declines but Consumers Remain Anxious about the Future,” evaluating Consumer Confidence for May 2024. The report described Consumers’ perceived likelihood of a recession over the next 12 months rose for the second consecutive month in May. The Conference Board Consumer Confidence Index® measures the optimism or pessimism of households about their financial situation and their … Continue Reading
May 15, 2024
Bureau of Labor Statistics: CPI Inflation at 3.4 Percent in April
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Consumer Price Index (CPI) report for April showed that inflation increased by 0.3 percent, with year over year inflation at 3.4 percent. Since President Biden took office, prices have increased by a total of 19.3 percent. Chairman Arrington on Today's Inflation Report: “The trend of rising monthly prices and high yearly inflation is very concerning, especially coupled … 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 09, 2024
Despite CBO’s Predictions, Trump Tax Cuts Were a Boon for America’s Economy and Working Families
WASHINGTON, D.C. - House Budget Committee Chairman Jodey Arrington (R-TX) along with Ways and Means Committee Chairman Jason Smith (R-MO) issued the following statement after the Congressional Budget Office (CBO) issued their latest Long-Term Budget Outlook Under Alternative Scenarios for the Economy and the Budget, which includes CBO’s estimation of the budgetary and economic impact of making the 2017 Trump tax cuts permanent: “While the Congressional Budget Office provides a valuable … Continue Reading
May 03, 2024
April Jobs Report: 140,000 Less New Jobs than March
WASHINGTON, D.C. - Today, the Bureau of Labor Statistics (BLS) released its jobs report for April 2024, which showed 175,000 new jobs were created in April, down from 315,000 in March. Chairman Arrington Statement of April Jobs Report: House Budget Committee Chairman Jodey Arrington (R-TX) responds to the worsening job numbers: “It’s no surprise that the job market has slowed, adding 140,000 less jobs in April than the previous month. President Biden’s and Congressional Democrats’ fiscal … Continue Reading
May 01, 2024
Federal Reserve Makes No Change to Interest Rates, Meaning Bidenomics is Still Driving Stubbornly High Inflation
WASHINGTON, D.C. - Today, the Federal Open Market Committee (FOMC), the Federal Reserve’s (Fed) committee that meets every six weeks to discuss federal interest rates, announced that there will be no immediate change to interest rates. Chairman Arrington on our Current Economic State: “Democrats and President Biden have made history for all the wrong reasons: record $7 trillion in additional debt, a record number of regulations by a President, and 40-year high inflation. It’s no wonder GDP … Continue Reading
April 30, 2024
Consumer Confidence for April Falls to Lowest Level Since July 2022
WASHINGTON, D.C. - Today, The Conference Board released its report entitled, “Consumers More Pessimistic About Future Business Conditions, Jobs, and Income” on their latest report of Consumer Confidence for April 2024. Per the Conference Board’s Consumer Confidence Survey for April, findings reflect “prevailing business conditions and likely developments for the months ahead. This monthly report details consumer attitudes, buying intentions, vacation plans, and consumer expectations for … 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 25, 2024
Bureau of Economic Analysis: GDP Growth for Q1 was 1.6 Percent, Well Below Forecasts
WASHINGTON, D.C. - Today, the Bureau of Economic Analysis (BEA) reported that U.S. Gross Domestic Product (GDP) grew by just 1.6 percent in Quarter 1, 2024. This is well below estimates from market watchers, with some forecasting as high as 2.9 percent. Chairman Arrington's Statement on GDP Growth for Q1: House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on GDP growth for Q1: “Today, GDP growth for the first quarter came in at a shockingly low 1.6 … 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 18, 2024
Biden’s Department of Labor Ignores Request for Improved Oversight of Costly Pandemic-Era Unemployment Insurance
WASHINGTON, D.C. - On February 5, 2024, the House Budget Committee Oversight Task Force (OTF) sent a letter to the Department of Labor (DOL) seeking clarification on how the agency plans to address the mismanagement of pandemic Unemployment Insurance (UI) funds no later than today, March 18, 2024. DOL’s missed deadline comes a week after receiving the President’s Fiscal Year 2025 proposed budget, the Administration are requesting $313 million in additional funding to UI to “modernize, … Continue Reading
March 12, 2024
Four Years of Fiscal Failures: President Biden's Budget - An Unreliable, Stagnant Economy
March 12, 2024
Four Years of Fiscal Failures: President Biden's Budget - A Weaker, More Vulnerable America
March 12, 2024
Four Years of Fiscal Failures: President Biden's Budget - A Wasteful and Unaccountable Government
March 12, 2024
Four Years of Fiscal Failures: President Biden's Budget - A Future Built on Government Dependence
March 11, 2024
Four Years of Fiscal Failures: President Biden's Budget - House Republicans' Budget Resolution Vs. President Biden's Budget
March 06, 2024
Biden's Budget Bust: How Biden's Budgets Have Blown Up Spending
President Biden’s Fiscal Year (FY) 2025 Budget will be released this coming Monday, March 11 (35 days late). While we wait, the House Budget Committee is analyzing data from last year’s budget and its impact on federal spending: By the Numbers: The President’s FY2024 budget proposed the highest sustained levels of spending in U.S. history: $82.2 trillion in spending over ten years, eclipsing 24.8% of GDP. This is $21 trillion higher than the pre-Biden CBO projection. As a share of the … Continue Reading
