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CBO 2024 Baseline: Reading the Fiscal Tea Leaves
Deficits Running Higher than CBO last Projected: The baseline details the Congressional Budget Office’s (CBO) projections for spending, revenue, deficits, debt, the economy, and specific federal programs and policies for the ensuing 10-year budgetary window. To that end, on February 7, 2024, CBO will publish its newest projections, “The Budget and Economic Outlook: 2024 to 2034.” CBO published its last update to the federal budget outlook nine months ago in May 2023. The report projected … Continue Reading
February 05, 2024
BIDEN'S BUDGET BUST: Biden's Budget Misses 2024 Deadline
Under the Congressional Budget Act of 1974, President Biden is required to submit his FY25 budget request to Congress today, February 5, 2024. However, the administration has signaled the President’s FY25 budget proposal will be released March 11, 2024 - 35 days late. See below for a recap of last year’s Biden budget bust to see what we have to look forward to in T-minus 35 days. By the Numbers: Last year, President Biden’s FY 2024 budget request had the highest sustained levels of taxes, … Continue Reading
January 31, 2024
Chairman Arrington Delivers Opening Remarks at House Budget Hearing “Creating a Culture of Fiscal Responsibility: Assessing the Role of the Congressional Budget Office.”
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered the following opening remarks at the Committee’s hearing, “Creating a Culture of Fiscal Responsibility: Assessing the Role of the Congressional Budget Office.” Click HERE to watch the Chairman's statement as delivered Chairman Arrington’s Remarks as Prepared for Delivery Good morning, everyone. Director Swagel - thank you for joining us. Today, we’re going to our conduct our constitutional … Continue Reading
January 24, 2024
WHAT THEY’RE SAYING: Bill Sponsors Laud Bipartisan Budget Committee Markup
The House Budget Committee made history by favorably advancing three budget process reform bills out of committee, on a bipartisan basis, for the first time in more than a decade. Committee members considered the following budget process reform proposals: H.R. 5779, the Fiscal Commission Act of 2024 (advanced by a vote of 22 - 12); H.R. 6952, The Fiscal State of the Nation Act (unanimously adopted and advanced by voice vote); and, H.R. 6957, the Debt to GDP Transparency and … Continue Reading
November 14, 2023
House Budget Chairman Arrington: “Keep The Lights On in the People’s House”
WASHINGTON, D.C. - House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement today in support of the House Republican plan to fund the government with a two-step continuing resolution: “Our new Speaker needs the runway to finalize our appropriations bills, take the fight to the Senate Democrats, and, most importantly, convince the American people of the importance of what we’re fighting for —reining in the woke and weaponized bureaucracy, stopping the reckless … Continue Reading
October 19, 2023
Chairman Arrington Delivers Opening Statement at Hearing on Fiscal Commission
Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered the following opening remarks at the Committee’s hearing to examine the need for a fiscal commission. Watch the full hearing here. Chairman Arrington’s remarks as prepared for delivery:Good morning everyone.Today we come together, not as Republicans or Democrats, but as concerned Americans devoted to finding solutions to the serious fiscal challenges facing our country.As I’ve said before, our nation’s budgetary path is … Continue Reading
September 27, 2023
HOUSE BUDGET REPUBLICANS PUT COUNTRY ON THE PATH TO BALANCE: FY24-FY33 'REVERSE THE CURSE' BUDGET BLUEPRINT
Today, House Budget Committee Chairman Jodey Arrington (R-TX) unveiled the FY24-FY33 Budget Resolution blueprint entitled “Reverse the Curse: The Plan to Restore Fiscal Responsibility, Economic Freedom, and Prosperity in America.”Washington insiders doubted the Committee from the beginning. The pundits and cable news talking heads balked at the idea of balancing in ten. Last week, the Committee proved them wrong and passed the FY24-FY33 budget resolution by a vote of 20-14.The Reverse the … Continue Reading
September 20, 2023
HOUSE BUDGET COMMITTEE ADVANCES BUDGET RESOLUTION
WASHINGTON, D.C. - Today, the House Budget Committee passed the Concurrent Resolution on the Budget for FY2024-FY2033, which would reduce the deficit by $16 trillion and balance the federal budget in 10 years. The budget resolution was passed out of Committee by a vote of 20-14. Upon passage of the resolution, Chairman Jodey Arrington (R-TX) said: “Today, the House took the first step in ‘reversing the curse’ and restoring America’s fiscal sanity by passing our resolution to balance the budget … Continue Reading
September 20, 2023
Chairman Arrington Delivers Opening Statement as Committee Considers Budget Resolution
Washington - Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered the following opening remarks at the markup of the Concurrent Resolution on the Budget for FY2024-FY2033. This plan restores fiscal responsibility, economic freedom, and prosperity in America. Chairman Arrington’s remarks as prepared for delivery:I want to thank all my fellow committee members for a great start to this Congress.I think the Ranking Member and I agree that we want this committee to be a place … Continue Reading
September 19, 2023
House Republicans Unveil Balanced Budget Resolution
Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the committee’s FY2024- FY2033 budget resolution, “Reverse the Curse.” The budget resolution balances the federal budget in 10 years and reduces deficits by $16.3 trillion over that same timeframe, resulting in a $130 billion surplus by FY2033. Our budget focuses on restoring America’s fiscal health by right sizing the bloated bureaucracy, reversing Biden’s spending spree, reining in runaway mandatory spending, rooting out … 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 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
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 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
April 11, 2023
Arrington: Non-Partisan CBO Provides Another Wake-Up Call
WASHINGTON- House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on the Congressional Budget Office’s (CBO) monthly budget review, which showed that the deficit has increased by an astounding 64% since the same time last year, due largely to interest on the debt. “Today’s latest report by the non-partisan CBO again confirms what Republicans have been warning about for months: reckless spending and record inflation have put our nation on a completely … Continue Reading
March 15, 2023
Biden’s Budget: A Future That’s Built on Government Dependence
Instead of addressing record inflation, encouraging work, and preventing a recession, Biden’s Budget expands welfare without work incentives trapping a new generation of Americans in poverty and dependence. $2.6 Trillion in New Entitlement Program Spending In fiscal year 2022, the federal government spent $1.19 trillion on more than 80 different welfare programs. That represents almost 20% of total federal spending and a quarter of tax revenues in 2022 or $9,000 spent per American … Continue Reading
March 09, 2023
Biden Budget Top Ten
President Biden’s FY 2024 Budget contains the highest sustained levels of taxes, spending, and deficits in American history: Spending: $82 trillion* or 25 percent of GDP (18% above 50-year average) Taxes: $65 trillion* or 20 percent of GDP (13% above 50-year average) Deficits: $17 trillion* or 5 percent of GDP (44% above 50-year average *over 10 years Saddles more than a million small businesses with higher tax rates, higher payroll taxes, and ends the … Continue Reading
March 08, 2023
CHAIRMAN ARRINGTON ON AMERICA'S DEBT CRISIS: "WE ARE AT AN INFLECTION POINT"
WASHINGTON - House Budget Committee Chairman Jodey Arrington (R-TX), today joined House Republican Leadership for a press conference following a bipartisan briefing from Director Phillip Swagel of the Congressional Budget Office (CBO). This briefing for all Members of the House discussed budget, the economy, and the budgetary effects of legislative changes and comes a day before the release of the President's budget proposal. Click here or read below for Arrington's full … Continue Reading
