Press Releases
CBO 2024 Baseline: Topline Summary
February 07, 2024
Chairman Arrington Releases Statement on Congressional Budget Office Budget Baseline
WASHINGTON D.C. — Today, House Budget Committee Chairman Jodey Arrington issued the following statement following the Congressional Budget Office’s (CBO) release of its February 2024 budget baseline. “Today’s CBO baseline reveals that when Republicans stand firm on fiscal responsibility and force Congress to reduce spending, America’s fiscal outlook improves. While our debt trajectory remains unsustainable driven by Biden’s executive actions, mandatory spending, and interest … 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
February 06, 2024
CBO 2024 Baseline: Reading the Fiscal Tea Leaves
Deficits Running Higher than CBO last Projected: The baseline details the Congressional Budget Office’s (CBO) projections for spending, revenue, deficits, debt, the economy, and specific federal programs and policies for the ensuing 10-year budgetary window. To that end, on February 7, 2024, CBO will publish its newest projections, “The Budget and Economic Outlook: 2024 to 2034.” CBO published its last update to the federal budget outlook nine months ago in May 2023. The report projected … Continue Reading
February 05, 2024
House Budget Committee to Hold Markup of Bills H.R. 766, H.R. 7032, and H.R. 5301
WASHINGTON, D.C. - On Tuesday, February 6th, Chairman Jodey Arrington (R-TX) and Members of the House Budget Committee will hold a markup of: H.R. 766, Preventive Health Savings Act Led by Representatives Burgess (R-TX) and DeGette (D-CO)H.R. 7032, Congressional Budget Office Data Sharing Act Led by Representatives Boyle (D-PA) and Chairman Arrington (R-TX)H.R. 5301, Eliminate Useless Reports Act of 2023 Led by Representatives Garcia (D-CA) and Grothman (R-WI) The markup is scheduled to … Continue Reading
February 05, 2024
CBO 2024 Baseline: Understanding the Baseline
What is the CBO Baseline? The Congressional Budget and Impoundment Control Act of 1974 (Budget Act) requires the Congressional Budget Office (CBO) to annually provide a Budget and Economic Outlook to the House and Senate Budget Committees; commonly known as the CBO baseline. The CBO baseline is updated each year and helps Congress understand the Nation’s fiscal and economic challenges. CBO will release the updated baseline on Wednesday, February 7, 2024. Generally, the CBO baseline … Continue Reading
February 05, 2024
BIDEN'S BUDGET BUST: Biden's Budget Misses 2024 Deadline
Under the Congressional Budget Act of 1974, President Biden is required to submit his FY25 budget request to Congress today, February 5, 2024. However, the administration has signaled the President’s FY25 budget proposal will be released March 11, 2024 - 35 days late. See below for a recap of last year’s Biden budget bust to see what we have to look forward to in T-minus 35 days. By the Numbers: Last year, President Biden’s FY 2024 budget request had the highest sustained levels of taxes, … Continue Reading
February 05, 2024
Arrington, Bergman Investigate Mismanagement of Pandemic-Era Unemployment Insurance
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) and the entire Oversight Task Force, led by Rep. Jack Bergman (R-MI), sent an investigative letter to the Department of Labor (DOL) and the agency’s Office of Inspector General (OIG) outlining concerns around the OIG’s report on the mismanagement of pandemic Unemployment Insurance (UI) funds. Background: Originally authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020, … Continue Reading
January 31, 2024
Chairman Arrington Delivers Opening Remarks at House Budget Hearing “Creating a Culture of Fiscal Responsibility: Assessing the Role of the Congressional Budget Office.”
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered the following opening remarks at the Committee’s hearing, “Creating a Culture of Fiscal Responsibility: Assessing the Role of the Congressional Budget Office.” Click HERE to watch the Chairman's statement as delivered Chairman Arrington’s Remarks as Prepared for Delivery Good morning, everyone. Director Swagel - thank you for joining us. Today, we’re going to our conduct our constitutional … Continue Reading
January 30, 2024
House Budget Committee Members Consider Ideas to Curb Improper Payments
WASHINGTON, D.C. - Today, the House Budget Committee convened a roundtable to discuss improper payments across the Federal government and opportunities for reform. The roundtable featured Gene Dodaro, Comptroller General and head of the Government Accountability Office (GAO), Orice Williams Brown, Chief Operating Officer of the GAO, Budget Committee Members, and others. Led by House Budget Committee Chairman Jodey Arrington (R-TX), the Member roundtable examined ways to address improper … Continue Reading
January 30, 2024
House Budget Committee to Hold a Hearing on “Creating a Culture of Fiscal Responsibility: Assessing the Role of the Congressional Budget Office”
WASHINGTON, D.C. - On Wednesday, January 31st, Chairman Jodey Arrington (R-TX), Ranking Member Brendan Boyle (D-PA), Oversight Task Force Chair Jack Bergman (R-MI) and members of the House Budget Committee will hold a hearing titled, “Creating a Culture of Fiscal Responsibility: Assessing the Role of the Congressional Budget Office.” The recently reappointed Congressional Budget Office (CBO) Director Phillip Swagel will appear before the Committee to answer questions on how CBO can be more … Continue Reading
January 24, 2024
WHAT THEY’RE SAYING: Bill Sponsors Laud Bipartisan Budget Committee Markup
The House Budget Committee made history by favorably advancing three budget process reform bills out of committee, on a bipartisan basis, for the first time in more than a decade. Committee members considered the following budget process reform proposals: H.R. 5779, the Fiscal Commission Act of 2024 (advanced by a vote of 22 - 12); H.R. 6952, The Fiscal State of the Nation Act (unanimously adopted and advanced by voice vote); and, H.R. 6957, the Debt to GDP Transparency and … Continue Reading
January 23, 2024
WHAT THEY’RE SAYING: Supporters Sound Off on Passage of Debt Commission in Bipartisan Committee Markup
Last week, the House Budget Committee held a markup for three bipartisan budget process reform proposals, including the Fiscal Commission Act of 2024. All the proposals passed out of Committee—and it’s got people talking. From stakeholders to journalists, to industry experts to policymakers on both sides of the aisle, people are excited for what these legislative proposals could mean for the future of Washington’s broken budget process. Click HERE for highlights of our member and … Continue Reading
January 22, 2024
Arrington, Comer Probe OMB and Treasury Over Completeness of Spending Transparency Data
WASHINGTON D.C.— House Committee on Budget Chairman Jodey Arrington (R-TX) and House Committee on Oversight and Accountability Chairman James Comer (R-KY) sent a joint letter to the Office of Management and Budget (OMB) and U.S. Treasury Department’s Bureau of the Fiscal Service (BFS) after a Government Accountability Office report found agencies failed to provide accurate and timely spending data. In the letter to OMB Director Shalanda Young and BFS Commissioner Timothy Gribben, the … Continue Reading
January 19, 2024
Chairman Arrington, Bill Sponsors Laud the Passage of Budget Process Reform Bills out of Committee
WASHINGTON D.C. — Yesterday, the House Budget Committee, under the leadership of Chairman Arrington, held a successful markup on several bipartisan legislative proposals aimed at bringing accountability and transparency to Congress’ broken budget process. All three bills—H.R. 5779, the Fiscal Commission Act of 2024, H.R. 6952, the Fiscal State of the Nation Act, and .R. 6957, the Debt to GDP Transparency and Stabilization Act-passed out of Committee and are one step closer to becoming … Continue Reading
January 18, 2024
Chairman Arrington Delivers Opening Remarks at Markup of Bills H.R. 5779, H.R. 6957, and H.R. 6952
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered the following opening remarks at the Committee’s Markup on bills H.R. 5779, the Fiscal Commission Act of 2023, H.R. 6957, the Debt to GDP Transparency and Stabilization Act, and H.R. 6952, the Fiscal State of the Nation Act. Click HERE to watch the Chairman's statement as delivered Chairman Arrington’s Remarks as Prepared for Delivery"We started our journey as a team of Budget Committee Members … Continue Reading
January 18, 2024
UPDATED MEDIA ADVISORY: Chairman Arrington to Hold Press Conference with Bill Sponsors Following Committee Markup
WASHINGTON D.C. — Today, Thursday, January 18, House Budget Committee Chairman Jodey Arrington (R-TX) will host a press conference following the markup of H.R. 5779, H.R. 6957, and H.R. 6952. Due to extenuating circumstances, Speaker Johnson is no longer able to attend. See below for an updated list of participants: House Budget Committee Chairman Jodey Arrington (R-TX) and House Budget Committee Budget Process Reform Task Force Chair Rudy Yakym (R-IN) Congressmen Bill Huizenga … Continue Reading
January 18, 2024
MEDIA ADVISORY: Chairman Arrington to Hold Press Conference with Speaker Johnson, Bill Sponsors Following Debt Commission Markup
WASHINGTON D.C. — Today, Thursday, January 18, House Budget Committee Chairman Jodey Arrington (R-TX) will host a press conference following the markup of H.R. 5779, the Fiscal Commission Act of 2023. Chairman Arrington will be joined by Speaker Mike Johnson, bill sponsors Congressman Bill Huizenga (R-MI), Congressman Jared Golden (D-ME), and Congressman Lloyd Smucker (R-PA), and key stakeholders. WHO: Chairman Arrington, Speaker Johnson, Congressman Huizenga, Congressman Golden, and … Continue Reading
January 17, 2024
House Budget Committee to Hold Markup of Bills H.R. 5779, H.R. 6952, and H.R. 6957
WASHINGTON, D.C. - Thursday, January 18th, Chairman Jodey Arrington (R-TX), Ranking Member Brendan Boyle (D-PA), Budget Process Reform Task Force Chairman Rudy Yakym (R-IN), and members of the House Budget Committee will hold a markup of: H.R. 5779, Fiscal Commission Act of 2023 Led by Representative Huizenga (R-MI) and Representative Peters (D-CA)H.R. 6952, Fiscal State of the Nation ActLed by Representative Moore (R-UT) and Representative Barr (R-KY)H.R. 6957, Debt-to-GDP Transparency … Continue Reading
January 16, 2024
Chairman Arrington, Chairwoman Foxx Demand Transparency on the Cost of Biden’s Newest Student Loan Bailout Scheme
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) and House Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) sent a letter to U.S. Department of Education Secretary Cardona requesting answers and documents related to the Biden administration's latest student loan bailout plan. The letter reads in part, “The Congressional Budget Office estimated the President’s loan cancellation policy alone would have cost taxpayers over $330 billion. … Continue Reading
