Press Releases
GAO Report Reveals Federal Student Loan Program Costs Taxpayers $311 Billion as Biden Prepares to Spend Hundreds of Billions in Loan Cancellations for the Wealthy
House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after a report from the Government Accountability Office (GAO) found that the Department of Education underestimated the cost of the federal student loan program by $311 billion: “Democrats for years have justified the federal government as a loan provider under the pretense that it returns money to taxpayers. This week’s GAO report exposes that claim as an outright fabrication. Federally … Continue Reading
July 28, 2022
Smith Demands Answers on Taxpayer-Funded Stimulus Checks Biden Sent to Prisoners, Foreign Citizens, Illegal Immigrants
House Budget Committee Republican Leader Jason Smith (MO-08) has introduced legislation to compel the Biden Administration to release all available information and documents regarding taxpayer-funded stimulus checks from the President’s American Rescue Plan that were sent to prisoners and foreign citizens, as well as any checks that may have been distributed to illegal immigrants. “President Biden’s $2 trillion so-called ‘Rescue Plan’ sparked the worst inflation crisis in forty years. A … Continue Reading
July 28, 2022
Democrats In Their Own Words: Don't Raise Taxes During a Recession
America is in a recession because of Washington Democrats’ reckless spending that caused the worst inflation crisis in forty years. Real GDP fell 1.6 percent in the first quarter of this year and 0.9 percent in the second quarter. Over the last 75 years, every single time the economy has experienced consecutive quarters of negative growth, America has been in a recession. Inflation is currently at a forty-year high of 9.1 percent – having risen 13.8 percent since President Biden … Continue Reading
July 28, 2022
Smith: America Is In A Recession Because of Biden’s Inflation Crisis
House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after data from the Bureau of Economic Analysis showed GDP declined for the second straight quarter, falling 0.9 percent. Over the last 75 years, every single time the economy has experienced consecutive quarters of negative growth, America has been in a recession: “America is in a recession because of President Biden’s inflation crisis. This news is not a surprise to the American people - they … Continue Reading
July 27, 2022
As Fed Hikes Rates to Combat Biden’s Inflation Crisis, Budget Office Confirms Worsening of America’s Fiscal Outlook
WASHINGTON, D.C. - House Budget Republican Leader Jason Smith (MO-08) released the following statement after the Congressional Budget Office (CBO) released its latest long-term budget outlook detailing the nation’s dismal fiscal health, and the Federal Reserve increased interest rates by 75 basis points - the fourth increase since March. “Washington Democrats’ $2 trillion American Rescue Plan ignited inflation, which has risen 13.8 percent since Joe Biden took office. For 15 straight … Continue Reading
July 27, 2022
CHIPS Bill Feeds Washington's Mandatory Spending Habit
House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement today as the U.S. House of Representatives is preparing to consider semiconductor manufacturing legislation - otherwise known as CHIPS - that will increase spending by $280 billion and specifically increase mandatory spending by over $60 billion: “Last year, federal mandatory spending topped $5 trillion - more than the total amount of taxes collected by the federal government and a sum larger than … Continue Reading
July 22, 2022
Smith Op-Ed: Rising interest rates foreshadow Biden's recession
By Rep. Jason Smith The Hill Since President Biden took office, Washington Democrats have embarked on a massive spending spree totaling $9 trillion, which is more than the federal government spent in its first 195 years combined. That explosion of reckless spending is sabotaging America’s economy — with inflation up 13.8 percent under Biden, interest rates rising dramatically, and the nation teetering on recession. At the beginning of the Biden presidency, the Congressional Budget … Continue Reading
July 21, 2022
At Budget Hearing, Smith Blasts Democrat’s Inflationary Spending and Looming Recession as the Biggest Threat to Children and Families.
Today, during a House Budget Committee hearing on government investments in early childhood, Republican Leader Jason Smith (MO-08) blasted Democrats for their failure to take seriously the current economic turmoil caused by reckless Washington spending, and its dire impact on American families. During his opening statement, Smith warned that the fallout from Democrat policies – including rampant inflation and a looming recession – is the biggest threat facing children and families: … Continue Reading
July 15, 2022
Biden's Looming Inflation Recession
WASHINGTON, D.C. - Biden's inflation crisis is pushing America closer toward a painful recession. A recession will mean job losses, fewer opportunities, foreclosures, and lower wages while prices keep surging for American families on everything from eggs to electricity. The Democrats’ $2 trillion American Rescue Plan was the spark that ignited the highest inflation in 40 years - now at 9.1 percent year-over-year and 13.8 percent since Joe Biden took office - leading the Federal Reserve to … Continue Reading
July 13, 2022
Smith, Stefanik, McHenry Introduce REIN In Inflation Act
WASHINGTON, D.C. - House Budget Committee Republican Leader Jason Smith (MO-08), House Republican Conference Chairwoman Elise Stefanik (NY-21) and House Committee on Financial Services Republican Leader Patrick McHenry (NC-10) today introduced the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act. This bill would require the administration to publish the inflationary impact of executive actions before enacting them. “The Congressional Budget Office has … Continue Reading
July 13, 2022
As Biden’s Inflation Crisis Pushes America Toward Recession, Democrats Scheme on Higher Taxes & More Spending
WASHINGTON, D.C. - House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after the Consumer Price Index showed inflation at a forty-year high of 9.1 percent and rising 13.8 percent since President Biden took office: “President Biden’s inflation crisis is sending America hurtling towards a recession after turning the American Dream into an unaffordable nightmare for working families. The latest data shows inflation at a forty-year high of 9.1 percent, … Continue Reading
June 30, 2022
Having Sparked the Worst Inflation in 40 Years and Billions in Waste, Biden Administration Continues Big Spending with American Rescue Plan Funds
WASHINGTON, D.C. - Last month, a 2nd tranche worth $105 billion from the American Rescue Plan went out to states and localities. From early reports of how states and localities are planning to spend this second wave of federal tax dollars, it appears that Washington Democrats have not learned anything. Even after the American Rescue Plan ignited the highest inflation in 40 years, the Biden Administration is still shoveling more money out the door for states and localities to waste and … Continue Reading
June 29, 2022
Smith-Carter Op-Ed: Fix Biden's border crisis by building the wall
By Rep. Jason Smith and Rep. Buddy Carter Fox News $350 million worth of steel border wall, bought and paid for by American taxpayers, is wasting away in a lot in McAllen, Texas, under supervision of taxpayer-funded guards. If this sounds illegal, it’s because it is. We saw it with our own eyes earlier this month during a Congressional visit to the U.S.-Mexico border. Under President Trump, Congress approved, in a bipartisan manner, funding for hundreds of miles of border wall … Continue Reading
June 23, 2022
CBO Confirms: Biden’s Biggest Executive Actions Come with $532 Billion Price Tag
WASHINGTON, D.C. – House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Congressional Budget Office (CBO) – in a response to a request from Smith – provided budgetary analysis of several executive actions taken by President Biden that combined will cost taxpayers $532* billion: “It turns out even with one-party Democrat control of Congress, President Biden has found a way to secretly spend hundreds of … Continue Reading
June 21, 2022
Following Visit to Southern Border, Budget Republicans Demand Answers from Biden Administration on Continued Freeze of Border Wall Construction Funds
WASHINGTON, D.C. – Today, Republican members of the House Budget Committee sent a letter to Shalanda Young, Director of the White House Office of Management and Budget (OMB), demanding answers from the Biden Administration on why it continues to illegally freeze funding for construction of a wall along the southern border. In their letter, the Republican members outline how the Biden Administration’s claim that its decision to freeze $1.4 billion in border wall … Continue Reading
June 16, 2022
Smith Op-Ed: Biden's Deficit Deceit
By Rep. Jason Smith Washington Examiner At the beginning of the Biden administration, Washington Democrats insisted it was necessary to spend trillions of dollars to jump-start the economy and combat COVID, despite analysis from the Congressional Budget Office that showed the economy was well on its way to recovery. In just a few short months after Democrats enacted $2 trillion in deficit spending, prices began to spike, the purchasing power of paychecks shrank, and supply chains … Continue Reading
June 15, 2022
Smith: Biden’s Inflation Crisis Pushing Fed to Hike Interest Rates at Fastest Pace since 1981
Washington, D.C. - Today, House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Federal Reserve raised the Federal Funds Rate by an additional 75 basis points, the third rate increase since March. “Despite being warned about the inflationary impact of their spending agenda, President Biden and Washington Democrats turned a blind eye to the pain they were about to unleash on the American people. They rammed through their $2 trillion partisan … Continue Reading
June 14, 2022
House Budget Committee Hearing Exposes How American Rescue Plan Ignited Inflation, Reduced Real Wages, and Wasted Billions
WASHINGTON, D.C. – Today, the House Budget Committee held a hearing on the Democrats’ $2 trillion American Rescue Plan Act which further exposed how that law ignited inflation, reduced real wages, and wasted billions of taxpayer dollars. In his opening statement, House Budget Committee Republican Leader Jason Smith (MO-08) showed how the American Rescue Plan has failed the American people across multiple fiscal and economic indicators: “So, what did American families get? … Continue Reading
June 13, 2022
VIDEO: The Cost of Biden's Border Crisis to Taxpayers
WASHINGTON, D.C. - House Budget Committee Republican Leader Jason Smith (MO-08) released a video today documenting the cost of Biden’s Border Crisis to the American taxpayer that Smith and a group of Republican members recently investigated during a trip to the southern border – the largest group of Members of Congress to visit the southern border since President Biden took office. “As the lead Republican on the House Budget Committee, it is my job to investigate where and … Continue Reading
June 10, 2022
Smith: Biden Gambled with the American Economy and the American People Are Paying for His Loss
WASHINGTON, D.C. - Today, House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Consumer Price Index showed inflation remaining at a forty-year high of 8.6 percent, and rising 12.2 percent since President Biden took office: “As difficult as it may be for Treasury Secretary Yellen to admit she was wrong about inflation, it has been far more painful for the average American who has filled up their gas tank or purchased groceries in the last 16 … Continue Reading
