Press Releases
CBO July Report Casts a Bleak Fiscal Forecast
Each month, the Congressional Budget Office (CBO) issues Congress’ monthly fiscal report card by cataloging recent federal spending and revenues; signaling to the American people what those updated totals mean for our nation’s subsequent economic health. Today, CBO released its Monthly Budget Review for July 2023. Key Takeaway: In the first 10 months of FY 2023 the deficit has amounted to a staggering $1.6 trillion. This is $954 billion … Continue Reading
August 01, 2023
Chairman Arrington: There Are Serious Cracks in America's Fiscal Foundation
House Budget Committee Chairman Jodey Arrington (R-TX) today released the following statement after Fitch Ratings downgraded the U.S. government's credit rating from AAA to AA+, only the second time in our nation’s history this has occurred: “You can’t burn through an unprecedented eleven trillion dollars igniting an inflationary firestorm without setting off the fiscal fire alarm."With annual deficits projected to double and interest costs expected to triple in just ten … Continue Reading
July 27, 2023
Phillip Swagel Reappointed as Director of Congressional Budget Office
Today, House and Senate leadership re-appointed Dr. Phillip Swagel to a second four-year term as Director of the nonpartisan Congressional Budget Office (CBO). As required by the Congressional Budget Act, the appointment was made jointly by Speaker of the House Kevin McCarthy (R-CA) and President Pro Tempore of the Senate Patty Murray (D-WA), upon the joint recommendation of House Budget Chairman Jodey Arrington (R-TX) and Senate Budget Committee Chairman Sheldon Whitehouse … Continue Reading
July 26, 2023
Chairman Arrington on Fed Decision to Hike Interest Rates
House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement after the Federal Reserve announced its plan to increase interest rates by a quarter percentage point, bringing rates to the highest level in 22 years.“Unbridled Democrat spending not only raised our national debt by a record $6T, but it created a cost-of-living crisis for working families. Since President Biden took office, prices for consumers are up 15.7 percent.“As a result of Democrat-caused … Continue Reading
July 25, 2023
It’s Simple: Democrats are focused on Spending. Republicans are focused on Growth.
California is on the cusp of a “borrowing bonanza,” according to a recent article by Politico. Gavin Newsom and Democratic lawmakers in the state are wanting to borrow billions of dollars on the backs of over-taxed Californians to fund a massive expansion of Newsom’s liberal agenda. Worst yet: legislative leaders are asking an economically anxious electorate to make this spending spree a reality. The Details: Current proposals made by … Continue Reading
July 21, 2023
Another Disastrous Biden Policy Would Add $475 Billion to the Debt
After the U.S. Supreme Court ruled that President Biden’s primary student loan bailout scheme was unconstitutional, the President used his pen to drastically expand another repayment cancelation rule that has been pending since 2022, quickly finalizing it in the wake of the court's rebuke. This rule, known as the Income Driven Repayment program sets student loan payment rates for some borrowers based on their income. Under this new scheme, the amount that borrowers have to pay … Continue Reading
July 19, 2023
House Democrats Double Down on the Worst Aspects of Bidenomics
A new agenda released today by the New Democrat Coalition aims to "lower costs, fight inflation, and grow the middle class."The only problem is that their agenda would do the opposite as it calls for doubling down on the worst aspects of Bidenomics. If enacted, it would lead to more reckless spending and grow the wasteful, woke, and bloated federal bureaucracy. The Details: Welfare over Jobs: The New Democrat Coalition’s plan calls for … Continue Reading
July 12, 2023
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
