Press Releases
Biden’s Budget Report Card: A Failing Record
With the summer approaching, it’s time to look back and grade President Biden’s budget and economic performance thus far as he enters the next half of his term's junior year. When reconciling the differences between GDP and GDI, we experienced negative growth in four of the last five quarters. Even Obama’s chief economist sees a recession on the horizon. Biden’s policies are projected to cause the slowest economic growth in almost a century. President … Continue Reading
June 02, 2023
Fact Check: Biden Misleads on Job “Creation” Statistics
The May jobs report showed alarming signs in the labor market. The household survey data—the part of the jobs report data that looks directly at American workers—showed that 440,000 more Americans became unemployed, a sign that the labor market may be beginning to deteriorate in the face of raging inflation and sky-rocketing interest rates.President Biden released a statement in response to the May jobs figures praising his Administration’s so-called job creation numbers. … Continue Reading
June 01, 2023
Biden’s Student Loan Bailout Will Cost Average Taxpayer $3,526: State-By-State Breakdown
The Senate today is set to consider the Republican House-led resolution to reverse President Biden’s reckless student loan cancellation plan for the wealthy.Ahead of the Senate vote, the National Taxpayers Union Foundation (NTUF) released new data showing how much Biden's student loan cancellation will costs taxpayers in each state. $3,526. On average, Biden’s plan to transfer the cost of student loans from wealthy borrowers to working-class Americans will cost the average … Continue Reading
May 31, 2023
Chairman Arrington Speaks on the House Floor in Support of the Fiscal Responsibility Act
Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered the following remarks during floor debate of H.R. 3746, the Fiscal Responsibility Act. Remarks as prepared for delivery: “Thank you, Mr. Speaker. “The fiscal state of our nation is in decline, our financial health is rapidly deteriorating, and our national debt is unsustainable. “Mr. Speaker, one thing is for sure: We didn’t get into this financial mess overnight, and we … Continue Reading
May 31, 2023
Breaking Down the CBO Score of H.R. 3746, the Fiscal Responsibility Act of 2023
The Fiscal Responsibility Act (FRA) of 2023 will reduce the deficit by more than $2.13 trillion over ten years.Here's how the Congressional Budget Office (CBO) scores Republican-championed savings: Discretionary Savings The Big Picture: CBO scores the statutory caps for FY2024-25 as reducing discretionary budget authority by $246 billion in the short term. In other words: federal spending that is authorized through the normal Congressional appropriations process will have to … Continue Reading
May 30, 2023
By the Numbers: Nonpartisan Report Confirms Fiscal Responsibility Act Will Save Billions
The Congressional Budget Office (CBO) released its analysis of the Fiscal Responsibility Act (H.R. 3746), showing that the bill reduces the federal deficit by $2.1 trillion over the next 10 years, including $240 billion of lower interest payments on the debt. In other words: this is the largest deficit reduction bill in American history. As Chairman Jodey Arrington (R-TX) said earlier today, the Fiscal … Continue Reading
May 30, 2023
Chairman Arrington on the Fiscal Responsibility Act
Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on the Fiscal Responsibility Act, which would restore fiscal sanity in our nation and hold Washington accountable."It took two decades of fiscal irresponsibility to put our country in this financial mess and we shouldn’t expect to get out of it with just one legislative deal."The Fiscal Responsibility Act takes an important step to getting our nation’s fiscal house in order by … Continue Reading
May 30, 2023
The Fiscal Responsibility Act Budget Committee Summary and Overview
From the beginning of this process, Republicans insisted that President Biden add fiscal restraint to accompany efforts to raise the debt ceiling. We believed that any effort to responsibly raise the debt ceiling should also include policies to reduce out-of-control spending and grow our economy. The Fiscal Responsibility Act does both. We Rein-In the Runaway Bureaucracy. By reducing FY 2024 spending compared to last year, we take a crucial first step toward getting our fiscal house … Continue Reading
May 26, 2023
Arrington: Another Month, Another Devastating Inflation Report
Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on this month’s Personal Consumption Expenditure’s Price Index (PCEPI) – the Federal Reserve’s preferred measure of inflation – which came in at 4.4%, higher than last month.“Another month, another devastating inflation report under this President. But Americans don’t need a report to tell them they’re paying higher prices this month than … Continue Reading
May 25, 2023
Economic Indicators for Q1 Show Biden’s Economy Has “Been in Recession for Some Time.”
Today the Bureau of Economic Analysis released its second estimate of Q1 Gross Domestic Product (GDP) for 2023. In this second estimate, real GDP increased at an annual rate of 1.3 percent—a slight improvement of the first Q1 GDP estimate released last month of 1.1 percent. Still, this is a sharp drop from the last year, when real GDP clocked in at 2.6 percent in Q4 of 2022. The Details: The upward revision of Q1 GDP came primarily from an upward revision of private inventory … Continue Reading
May 24, 2023
Three Harsh Realities of Biden’s Cruel Economy
Today, the House Budget Committee held part one in its hearing series on how we can reignite American growth and prosperity. At our hearing, Democrats tried to paint an extremely rosy picture about President Biden’s cruel economy. The facts don’t support their assertions. As Chairman Jodey Arrington (R-TX) stressed in his opening remarks: “if we grow our economy while controlling spending, we can create a glide-path to a healthier balance sheet, a … Continue Reading
May 24, 2023
Arrington Opening Statement on Removing the Burdens of Government Overreach
Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered the following opening remarks at a hearing on “Removing the Burdens of Government Overreach,” which is part one of our new hearing series, “Reigniting American Growth and Prosperity.” Click here to watch Chairman Jodey Arrington’s Opening Statement. Chairman Arrington’s remarks as prepared for delivery: Today, we are kickstarting a new series of hearings on … Continue Reading
May 23, 2023
New Polls Find Americans Support Spending Cuts in Debt Ceiling Solution, Don’t Trust Biden with the Economy
Americans are sending a loud message to the President: his handling of the economy isn’t acceptable, and he needs to work with House Republicans on getting our nation’s fiscal house in order. That’s according to a new poll released today by CNN. 60% percent of Americans say Congress should ONLY raise the nation’s debt ceiling if it cuts spending at the same time. 71% of all Americans say that not raising the debt limit would cause a crisis or major problems for the … Continue Reading
May 12, 2023
Arrington on CBO Baseline
Today, the Congressional Budget Office (CBO) released their latest Update to the Budget Outlook report, commonly referred to as the baseline. Today’s baseline report – which includes projections of federal spending, revenue, surpluses or deficits, and debt – shows a $130 billion increase of this year’s deficit compared to their February projection. House Budget Committee Chairman Jodey Arrington (R-TX), said of the report: “Every report we get from CBO … Continue Reading
May 11, 2023
Arrington Opening Statement at "Exposing the Woke, Wasteful, and Bloated Bureaucracy" Hearing
Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered the following opening remarks at a hearing on "Exposing the Woke, Wasteful, and Bloated Bureaucracy." Click here to watch Arrington's full remarks. Chairman Arrington's remarks as prepared for delivery: "This is the first hearing of our committee since the House passed Republicans’ debt ceiling proposal - the Limit, Save, and Grow Act. This bill is a responsible and important first step to getting our fiscal house … Continue Reading
May 09, 2023
Arrington on CBO's Mid Fiscal Year Analysis
Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement regarding the Congressional Budget Office's (CBO) monthly budget review for April 2023: “Our nation’s fiscal health is in decline and our deficit spending is unsustainable. The CBO’s mid fiscal year analysis tells the story - Democrats’ reckless spending and failed economic policies are making America’s debt woes go from bad to worse.” A Few Highlights: We have already borrowed 236% more … Continue Reading
May 03, 2023
ECON 101: Historic, Skyrocketing Inflation and the Interest Rate Hikes That Followed
Decidedly inspired by the ethos espoused by President Obama’s former Chief of Staff, Rahm Emanuel, Democrats did not let our nation’s deadly public health emergency “go to waste.” Thanks to coordinated effort spearheaded by President Biden, Congressional Democrats preyed on a country still reeling from COVID lockdowns and widespread uncertainty to insert costly, one-size-fits-all policies into the homes and businesses practices of Americans across the country. Democrats spent money that we … Continue Reading
May 02, 2023
A Nation in Crisis: Democrat Spending Accelerates Debt Ceiling Deadline
Congress’ nonpartisan analyst, the Congressional Budget Office (CBO), released a report warning the Biden Administration and lawmakers on Capitol Hill of an expedited debt ceiling timeline. Statement from Chairman Arrington House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement regarding the Congressional Budget Office's (CBO) report: “After two years of reckless spending and failed economic policies that led to 40-year high inflation, soaring interest … Continue Reading
May 01, 2023
Arrington on CBO's Sobering Default Estimate
Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement regarding the Congressional Budget Office's (CBO) debt ceiling timeline. “After two years of reckless spending and failed economic policies that led to 40-year high inflation, soaring interest rates, and an anemic and shrinking economy, it’s no wonder tax revenue is down and the default date may be moved up. "House Republicans are the only ones who have put forth a detailed plan to fix the … Continue Reading
April 28, 2023
Arrington on this Month's Inflation Report
Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on this month’s inflation report, which showed that core PCE - which excludes food and energy and is the Fed’s preferred gauge of inflation - rose 4.6% over the last year and remains three times higher than it was before Democrats passed their so-called Inflation Reduction Act. “Today’s inflation report makes clear that the Biden Administration’s last inflation scapegoat - the war in Ukraine - was … Continue Reading
