Press Releases
Congressional Budget Act Turns 49
In 1974, Congress took a bold step in the way Washington manages its budget. The Congressional Budget and Impoundment Control Act (often referred to as the Congressional Budget Act, or “the CBA”), was landmark law that birthed not just our Committee, but also the Senate Budget Committee and the Congressional Budget Office. The CBA restored the power of the purse back into the hands of the people’s representatives. Congress recognized that the way Washington spends was … Continue Reading
July 11, 2023
CBO Reports $1.4 Trillion Deficit in First Nine Months of FY2023 Under Biden’s Watch
$1.4 trillion. That is how high the federal deficit is under President Biden’s watch in the first nine months of Fiscal Year 2023 alone, according to a new report released today by the nonpartisan Congressional Budget Office. This striking number is $875 billion (or 170 percent) higher than the same point last year. In just nine months, the Fiscal Year 2023 deficit already exceeds last year’s full year deficit. Reckless Sending is the Culprit: Per CBO, spending is … Continue Reading
July 07, 2023
Three Troubling Signs in Latest Jobs Report
The Bureau of Labor Statistics (BLS) today released their jobs report for June, showing that the unemployment rate stayed unchanged at 3.6 percent, with the economy adding just 209,000 jobs last month. The data shows that the “labor market cooled” in June, according to CNN. Under the surface, there are three other troubling signs in this report. Part-Time Workers Increased Sharply. BLS said that the “number of persons employed part time for … Continue Reading
June 30, 2023
Chairman Arrington Lauds SCOTUS Student Loan Ruling
WASHINGTON—Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the U.S. Supreme Court struck down President Biden’s radical student loan cancellation scheme:“I applaud the Supreme Court for overturning yet another irresponsible and unconstitutional Biden executive action that would have set a horrible precedent, supercharged America’s entitlement culture, and shifted this $400 billion financial burden from a few … Continue Reading
June 28, 2023
Experts Pan Bidenomics
President Biden spoke in Chicago today outlining the so-called successes of “Bidenomics.” The President and his team have sent memos to Democrats trying to cultivate a winning message centered on false, misleading, and inaccurate claims about his Administration’s economic agenda. This comes the same week where a new poll finds that “only one in three U.S. adults approve” of Biden’s handling of the economy, according to the Associated Press. House Budget … Continue Reading
June 27, 2023
Latinos Aren’t Sold on Bidenomics
Latinos are raising serious concerns about Biden’s failed economic policies. According to a new story released today by The Messenger, progressive pollsters are warning the White House that Latino workers in the Southwest are sounding the alarm on President Biden’s lackluster economic performance. “The economy is the most important thing” to Latinos said Tory Gavito, president of the liberal group “Way to Win”. “There’s no single, easily … Continue Reading
June 26, 2023
FACT CHECK: Setting the Record Straight on Bidenomics
This week, the White House circulated a slide deck to Hill Democrats riddled with inaccuracies, false statements, and misleading information about Biden’s record on the economy. Let’s set the record straight. BIDEN CLAIM: “President Biden and Congressional Democrats’ plan to grow the economy from the bottom up and middle out, not the top down, is delivering for the American people. President Biden and Congressional Democrats have worked together to grow the economy and … Continue Reading
June 23, 2023
Budget Committee Chairman Jodey Arrington, Ranking Member Brendan Boyle Launch Bipartisan Budget Process Reform Effort
Today, House Budget Committee Chairman Jodey Arrington (R-TX) and Ranking Member Brendan Boyle (D-PA) announced their intention to lead a new bipartisan effort focused on budget process reform. This new House Budget Committee initiative will convene Members, stakeholders, and experts to examine alternatives to the current flawed and ineffective Congressional budget process.“The congressional budget process is fundamentally broken and will continue to yield bad results and incentivize bad … Continue Reading
June 22, 2023
Chairman Arrington Delivers Opening Statement at Hearing on Growth and Taxes
Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered the following remarks at a hearing entitled, "Reigniting American Growth and Prosperity: Incentivising Economic Excellence Through Tax Policy." "This hearing is the second in a series on growth entitled, 'Incentivising Economic Excellence Through Tax Policy.'"Economic growth and prosperity, I believe, is the tide that lifts all boats with more and better jobs, higher wages and income, lower unemployment, lower … Continue Reading
June 13, 2023
Chairman Arrington: Despite Topline Inflation Slowing, Core Inflation Remains Near Peak Levels
Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Bureau of Labor Statistics released its consumer price index report for May: “While the topline inflation number has finally started to decline, core inflation remains near its peak levels. Slow progress this far after the pandemic’s peak is unacceptable, and Americans expect to feel the sting of inflation for months to come. House Republicans are going to continue to hold … Continue Reading
June 12, 2023
Chairman Arrington: Americans’ Outlook on Biden’s Inflation Crisis Remains Dim
WASHINGTON—Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement in response to the New York Federal Reserve’s May Survey of Consumer Expectations: “This report, once again, shows that Americans don’t trust this President to get us out of his inflation crisis. When workers tell Washington they don’t see the economic tides shifting anytime soon and that their finances are deteriorating under the scourge of high prices, … Continue Reading
June 07, 2023
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
