Press Releases
Currently showing results related to Debt
Chairman Jodey Arrington Reacts to House Voting to Overturn Biden’s Latest Student Loan Bailout Scheme
WASHINGTON D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement commending the House’s 210-189 passage of H.J.Res.88, a Congressional Review Act resolution to overturn the Biden administration’s newest student loan cancellation scheme, which experts say will cost taxpayers as much as $475 billion:“I applaud the House’s vote last week to short circuit President Biden’s latest attempt at a massive student loan bailout. Make no mistake: Biden is … Continue Reading
December 01, 2023
Chairman Arrington Reacts to Government Watchdog’s Report on the Fiscal Responsibility Act’s Implementation
WASHINGTON, D.C. - House Budget Committee Chairman Jodey Arrington (R-TX) expressed concerns over the findings in yesterday’s Government Accountability Office (GAO) report detailing the Biden Administration’s implementation of the Fiscal Responsibility Act’s Administrative Pay-As-You-Go (PAYGO) provision:“I am deeply troubled by the Government Accountability Office’s (GAO) recent report detailing the Biden Administration’s failure to meaningfully implement Administrative PAYGO requirements … Continue Reading
October 27, 2023
New Data, Same Crisis: PCEPI Report Indicates Inflation Rages On
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement in response to the Bureau of Economic Analysis’ (BEA) September report on personal income, including the personal consumption expenditures price index (PCEPI). According to today’s report, the Fed’s preferred measure of inflation, PCEPI, grew at a rate of 3.4 percent year over year in September 2023, staying hot since its August 2023 3.4 percent readout, despite the Fed’s efforts … Continue Reading
October 19, 2023
Chairman Arrington Lauds Bipartisan Conversation on Fiscal Commission
WASHINGTON, D.C. - Today, Chairman Jodey Arrington (R-TX) led a House Budget Committee Hearing to examine the need for a fiscal commission to address America’s exploding debt crisis. After the hearing, Chairman Arrington said: “Today we came together, not as Republicans or Democrats but as concerned Americans, devoted to finding solutions to the serious fiscal challenges facing our country. As America barrels down the path toward irreparable economic catastrophe brought on by reckless … Continue Reading
October 10, 2023
IT JUST GETS WORSE: Spending is High, Interest Costs are Soaring, The Debt is Ballooning, According to New CBO Report
This afternoon, the non-partisan Congressional Budget Office (CBO) released the monthly budget review for September 2023. According to the report, spending levels are higher than last year and revenues are lower, meaning substantial growth of the national debt. Some key number breakdowns include: National Debt: $33.5 trillion FY23 Deficit: $1.7 trillion ($314 billion - or 23 percent - higher than last year) CBO further estimates that if the Administration’s plan for student loan … 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
IT'S TIME TO 'REVERSE THE CURSE'
Washington’s bureaucratic, big government spending has gone for long enough.It is time to SOUND THE ALARM about the danger out-of-control spending and unsustainable debt poses to our country and our children’s future.Over the next decade, our annual deficits will double, and U.S. interest payments will triple. Our national debt has ballooned to $33 trillion—equivalent to more than $200,000 of debt per taxpayer—totaling the highest debt-to-GDP ratio since the Second World War. Today, House … 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
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 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
February 15, 2023
Arrington on CBO Baseline: "Houston, We Have a Problem"
WASHINGTON - Today, the Congressional Budget Office (CBO) released their latest Budget and Economic 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 that out-of-control spending by President Biden and Democrats during two years of one-party rule has exploded the national debt to unprecedented and truly unsustainable levels. House Budget Committee … Continue Reading
February 09, 2023
Chairman Arrington Lays Groundwork for Budget Committee Priorities
WASHINGTON - Today, Chairman Jodey Arrington (TX) and Members of the House Budget Committee held their first official meeting to consider the Rules of the Committee and the Oversight Plan for the 118th Congress. During his opening remarks, Chairman Arrington emphasized the importance of this committee's role as Americans face runaway deficit spending and an unsustainable debt trajectory. Click here to watch Arrington's full remarks Chairman Arrington's opening remarks as … Continue Reading
February 08, 2023
The Debt Limit and Fiscal Restraint
House Republicans will pay our debts and protect the good faith and credit of the United States, but we will not give President Biden an unlimited line of credit. After two years and $10 trillion of unbridled spending by Democrats, which led to record inflation, soaring interest rates, and an economic recession, it would be irresponsible to raise the debt limit without common sense spending controls. Why? Our federal debt is now over $31 trillion, levels we have not seen since World War II … Continue Reading
February 07, 2023
Arrington: Biden Describes Alternate Reality in State of the Union
WASHINGTON - House Budget Committee Chairman Jodey Arrington (R-TX), issued the following statement in response to President Biden’s State of the Union Address: "After listening to President Biden tonight, I have a few simple questions for American taxpayers and hard-working families: Have your lives gotten better or worse under the leadership of President Biden? Is our nation stronger or weaker? Is our children’s future brighter or more bleak? "We certainly have more government, more … Continue Reading
February 07, 2023
Arrington: President Biden Must Focus on Nation’s Debt Crisis in SOTU
WASHINGTON - House Budget Committee Chairman Jodey Arrington (R-TX), issued the following statement ahead of President Biden’s State of the Union Address: “At tonight’s State of the Union, President Biden will tout a façade of short-term economic upsurge, but the American people are experiencing a very different reality: the state of our economy is anemic. “States like Illinois and Nevada continue to be plagued by record unemployment rates; New York City has transformed into a war zone; … Continue Reading
January 13, 2023
Chairman Arrington: We Will Not Let Politicians Bankrupt Our Country and Destroy Our Children's Future
Today, House Budget Committee Chairman Jodey Arrington (TX-19) released the following statement in response to Treasury Secretary Janet Yellen's letter to Congress on the debt limit: “We will pay our creditors and protect the good faith and credit of the U.S., but we will not let politicians bankrupt our country and destroy our children’s future. No new credit cards until Democrats agree to spending constraints and other fiscal … Continue Reading
