Press Releases
Bureau of Economic Analysis: GDP Growth for Q1 a Low 1.4 Percent
WASHINGTON, D.C. - Today, the Bureau of Economic Analysis (BEA) released its final estimate for economic growth in the first quarter (Q1) of 2024. The report found that real U.S. Gross Domestic Product (GDP) grew by just 1.4 percent. This finding underscores that President Biden’s failed economic policies have been a disaster for the economy. Chairman Arrington's Statement on GDP Growth: House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on GDP growth for … Continue Reading
June 25, 2024
Chairman Arrington Joins Squawk Box to Sound the Alarm on the Out of Control Debt
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) joined “Squawk Box” on CNBC to discuss the recent update to the Congressional Budget Office (CBO) baseline projections for fiscal years (FY) 2024-2034. This is an update to its February baseline. CBO now projects that deficit spending for FY24 will reach a staggering $1.9 trillion, an estimate that is $400 billion higher than CBO predicted just four months earlier. Additionally, interest spending has … Continue Reading
June 25, 2024
The Conference Board: Consumer Confidence Weakens in June
WASHINGTON, D.C. - Today, The Conference Board released its report evaluating the Consumer Confidence Index for June 2024. The report shows that consumer confidence fell in June, highlighting that Americans are concerned for their financial future. The Conference Board Consumer Confidence Index® measures the optimism or pessimism of households about their financial situation and their ability to secure or retain employment. On a separate measure, for the fifth straight month, the Conference … Continue Reading
June 24, 2024
CBO and JCT Confirm the Debt-Driving Cost of Biden’s Plan to Permanently Expand Obamacare Subsidies for the Wealthy
WASHINGTON, D.C. - Today, Congressional Budget Office (CBO) Director Phillip Swagel and Joint Committee on Taxation (JCT) Chief of Staff Thomas Barthold responded to a letter sent by House Budget Committee Chairman Jodey Arrington (R-TX) and House Ways and Means Committee Chairman Jason Smith (R-MO), which requested a comprehensive analysis of the budgetary effects of making permanent the enhanced Obamacare subsidies - as called for in President Biden’s budget - which have gone to some of the … Continue Reading
June 18, 2024
Congressional Budget Office Updates Baseline: Deficit Spending is 27 Percent Higher Than Previously Estimated
WASHINGTON, D.C. - Today, the Congressional Budget Office (CBO) released its updated budget projections for fiscal years (FY) 2024-2034. This is an update to its February baseline. CBO’s report helps Congress understand the fiscal and economic challenges facing the country. House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on CBO’s updated baseline: “CBO’s June revised baseline could be the final budget outlook of fiscal year 2024 and its findings are … Continue Reading
June 14, 2024
House Budget Committee Holds Hearing to Sound the Alarm on Looming Medicare and Social Security Insolvency
WASHINGTON, D.C. - Yesterday, House Budget Committee Chairman Jodey Arrington (R-TX) and members of the Committee held an oversight hearing entitled “Medicare and Social Security: Examining Solvency and Impacts on the Federal Budget.” This was the first time since 2012 that the chief actuaries for the Centers for Medicare and Medicaid Services (CMS) and the Social Security Administration (SSA) testified together to Congress. This was also the first time the current chief actuary for CMS … Continue Reading
June 13, 2024
Chairman Arrington Delivers Opening Remarks at Hearing on “Medicare and Social Security: Examining Solvency and Impacts on the Federal Budget”
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered opening remarks at the hearing “Medicare and Social Security: Examining Solvency and Impacts on the Federal Budget”, Sounding the Alarm on the looming insolvency of Medicare and Social Security. Click HERE to watch Chairman Arrington’s Opening Remarks Opening Statement as delivered: “Thank you for being here. My ranking member and I started this conversation in the 118th Congress with a few sorts of … Continue Reading
June 12, 2024
Economy Continues to Struggle: Fed Makes No Change to Interest Rates
WASHINGTON, D.C. - Today, the Federal Open Market Committee (FOMC), the Federal Reserve’s (Fed) committee that decides the future path of interest rates, announced that there will be no immediate change to interest rates. Falling workforce participation, worsening consumer confidence, and doubts about future economic growth all paint a bleak picture for our nation’s fiscal health. The Fed has indicated it won’t begin cutting interest rates until inflation is trending down toward the target of … Continue Reading
June 12, 2024
Chairman Arrington Joins Kudlow on Fox Business to Discuss the Importance of Smart Fiscal Policies
WASHINGTON, D.C. - Yesterday, House Budget Committee Chairman Jodey Arrington (R-TX) joined Larry Kudlow’s Show on Fox Business. Chairman Arrington joined Kudlow and Author Steve Moore to talk about the burden of high taxes on the American people. Watch Chairman Arrington's full interview on Fox Business HERE.Find highlights of key moments below: Chairman Arrington on Eliminating Taxes on Tips: “I think what the American people need, especially working families suffering under this … Continue Reading
June 12, 2024
Inflation Stagnates: Doubts on Future Economic Growth Remain
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Consumer Price Index (CPI) report for May showed that inflation remained unchanged from April, with year-over-year inflation coming in at 3.3 percent. Since President Biden took office, prices have increased by a total of 19.3 percent. Chairman Arrington on Today's Inflation Report: Chairman Arrington released the following statement on today’s inflation report: “The … Continue Reading
June 12, 2024
Chairman Arrington & Oversight Task Force Chair Bergman Request CBO to Analyze Full Cost of President Biden’s Executive Actions
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) and Oversight Task Force Chair Jack Bergman (R-MI) sent a letter to the Congressional Budget Office (CBO), requesting a fulsome cost estimate for the 138 executive actions and agency rules unilaterally issued by the Biden Administration.Read the full letter HERE. Background: The Problem: According to the Congressional Research Service (CRS) executive orders “are used extensively by Presidents to achieve policy … Continue Reading
June 07, 2024
Chairman Arrington Joins Neil Cavuto’s Coast to Coast to Discuss President Biden’s Failed Leadership & Broken Promises
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) joined Neil Cavuto’s Coast to Coast on Fox Business to discuss President Biden’s lack of accountability toward Ukraine aid and his failed attempt at securing our Southwest border. Watch Chairman Arrington’s full interview on Fox Business HERE.Find highlights of key moments below: Chairman Arrington on Foreign Aid Support Package: “Well, I think it's true, we should unite as an alliance of freedom loving … Continue Reading
June 07, 2024
May Jobs Report: Labor Force Participation Drops from April
WASHINGTON, D.C. - Today, the Bureau of Labor Statistics (BLS) released its jobs report for May 2024, which showed 272,000 new jobs were created in May, the labor participation rate dropping slightly from 62.7 percent in April to 62.5 percent, and the unemployment rate ticking up slightly from 3.9 percent in April to 4.0 percent. Furthermore, nearly half of all job growth since October can be attributed to various immigrant groups, including illegal immigrants, showing a far weaker economy … Continue Reading
June 05, 2024
Chairman Arrington Announces House Budget Committee Policy Director
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) announced that Mike Franc has joined the Committee as it’s Policy Director. In this role, Franc will assist the Chairman and committee members as they work to “Reverse the Curse” and restore fiscal responsibility, economic freedom, and prosperity in America. Franc joins the leadership team with Staff Director Gary Andres and Deputy Staff Director Paige Decker. Chairman Arrington Welcomes New Policy … Continue Reading
June 05, 2024
President Biden’s 180 on Border Security: Political Showmanship and Broken Promises
WASHINGTON D.C. - Yesterday, President Biden signed an Executive Order in a farfetched attempt to secure our border. The order uses the same Section 212(f) authorities of the Immigration and Nationality Act that he derided President Trump for using. President Biden’s order purports to strengthen the asylum screening process, create actions to quickly resolve immigration cases, and initiate closer ties with the Mexican government to tackle the fentanyl crisis. Not only is it ironic that these … Continue Reading
May 31, 2024
Ignoring the Importance of Offsets: The Biden Administration Continues to Not Properly Implement Administrative PAYGO
WASHINGTON, D.C. - Yesterday, Shalanda Young, Director of the Office of Management and Budget (OMB), responded to House Budget Committee Chairman Jodey Arrington (R-TX) and Oversight Task Force Chairman Jack Bergman’s (R-MI) letter concerning the Administration’s interpretation and implementation of the Fiscal Responsibility Act (FRA) of 2023’s Administrative Pay-As-You-Go (PAYGO) provision. While the Committee appreciates Director Young’s response by the deadline, the letter disregards key … Continue Reading
May 31, 2024
Bureau of Economic Analysis: PCE Inflation Rose by 2.7 Percent in April
WASHINGTON, D.C. - Today the Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, rose by 2.7 percent over the last year for the month of April. This is unchanged from March’s 2.7 percent. House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on PCE rising 2.7 percent over the last year in April: How bad was the impact of Democrats’ spending spree and … Continue Reading
May 30, 2024
Bureau of Economic Analysis: GDP Growth for Q1 was Just 1.3 Percent, Even Lower than Previously Estimated
WASHINGTON, D.C. - Today, the Bureau of Economic Analysis (BEA) released its second estimate for economic growth in the first quarter (Q1) of 2024. The report found that real U.S. Gross Domestic Product (GDP) grew by 1.3 percent, .3 percentage points lower than forecasted last month. This finding underscores that President Biden’s failed economic policies have been a disaster for the economy. Chairman Arrington's Statement on GDP Growth: House Budget Committee Chairman Jodey Arrington … Continue Reading
May 29, 2024
Interest Costs Skyrocket by 152 Percent Under President Biden
WASHINGTON, D.C. - Under President Biden, the cost to service our national debt has skyrocketed. Since January 2021, spending on interest has grown by an astonishing 152 percent. For context, during the same period, spending growth for key areas: 33 percent growth in spending for Social Security 21 percent growth in spending for Medicaid 15 percent growth in spending for Defense 14 percent growth in spending for Medicare Interest is the fastest growing obligation in the federal … Continue Reading
May 28, 2024
Consumer Confidence Wanes for Second Consecutive Month, Fears of Looming Recession Continue to Grow
WASHINGTON, D.C. - Today, the Conference Board released its report entitled, “Confidence Ticks Up after Three Straight Declines but Consumers Remain Anxious about the Future,” evaluating Consumer Confidence for May 2024. The report described Consumers’ perceived likelihood of a recession over the next 12 months rose for the second consecutive month in May. The Conference Board Consumer Confidence Index® measures the optimism or pessimism of households about their financial situation and their … Continue Reading
