Press Releases
Currently showing results related to Debt
Social Security and Medicare Continue on Path to Insolvency, Trustees Confirm
WASHINGTON, D.C. - Today, the Social Security and Medicare Trustees annual reports were submitted to Congress. The reports highlight the alarming financial predicament for the future of the Social Security and Medicare programs that millions of seniors depend on. Chairman Arrington's Statement on the Social Security and Medicare Trustees Reports: In response to the reports, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement: “We have the … Continue Reading
May 01, 2024
House Budget Republicans Seek to Streamline U.S. Defense Spending and Budgeting Process with DoD Watchdog
WASHINGTON, D.C. - Today, House Budget Committee Members, led by House Budget Committee Oversight Task Force Chair Jack Bergman (R-MI), convened a roundtable discussion focused on streamlining the budgeting process for the Department of Defense (DoD) with the Commission on Planning, Programming, Budgeting, and Execution (PPBE) Reform. Congress established the PPBE Commission on a bipartisan basis—via section 1004 of the “Fiscal Year 2022 National Defense Authorization Act” (NDAA)—to … Continue Reading
April 26, 2024
President Biden’s Executive Actions Have Cost Taxpayers Over $2 Trillion
WASHINGTON, D.C. - Since taking office, President Biden has proposed and implemented executive actions that have cost taxpayers over $2 trillion. This spending was put forth by the Biden Administration without Congressional approval, underscoring the need for increased oversight and transparency throughout the Executive Branch. The House Budget Committee reviewed the President’s major executive actions to determine their status, costs, and implications. They range from relatively specific to … Continue Reading
April 26, 2024
Chairman Arrington, Health Care Task Force Chair Burgess Request Investigation into Obamacare Program Driving Deficits
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) and Budget Committee Health Care Task Force (HCTF) Chair Michael C. Burgess, M.D. (R-TX) sent a letter to Comptroller General Gene Dodaro of the U.S. Government Accountability Office (GAO) requesting an updated report on the cost of the Center for Medicare and Medicaid Innovation (CMMI) and its effect on the federal budget. The Relationship Between Federal Spending and CMMI: The Patient Protection and … Continue Reading
April 26, 2024
Bureau of Economic Analysis: PCE Inflation Rose to 2.7 Percent in March
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 to 2.7 percent for the month of March. This is an increase from February’s 2.5 percent. Chairman Arrington on PCE: House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on the PCE rising 2.7 percent in March: “Today, the Bureau of Economic Analysis (BEA) reported that … Continue Reading
April 24, 2024
Chairman Arrington Responds to American Action Forum (AAF) Report: Biden’s Regulations Costing Nearly $1.4 Trillion
WASHINGTON, D.C. - Yesterday, the American Action Forum (AAF) released a report that shows since taking office, President Biden’s agency rulemakings have cost the federal taxpayer $1.37 trillion and counting. House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on the cost of President Biden’s regulations: “President Biden is on track to impose more regulatory cost on our economy than any President in history, adding $1.4 trillion since coming to office. This … Continue Reading
April 19, 2024
Chairman Arrington Offers Amendment at the House Rules Committee to Fully Offset the Cost of National Security Supplemental and Restore Fiscal Responsibility
WASHINGTON, D.C. - Yesterday, House Budget Committee Chairman Jodey Arrington (R-TX) offered an amendment at the House Rules Committee hearing on H.R. 8034, 8035, 8036, and 8038 to the 21st Century Peace Through Strength Act. His amendment would have fully offset the cost of these bills, contributed at least $50 billion to deficit reduction, and helped restore fiscal responsibility. Ultimately, the amendment was not advanced by the Rules Committee for consideration on the House Floor due to … Continue Reading
April 12, 2024
Penn Wharton Sounds the Alarm on Biden’s Student Loan Bailout Scheme
WASHINGTON, D.C. - Today, the Penn Wharton Budget Model (PWBM) released an analysis of President Biden’s latest student loan cancellation scheme, which was unveiled earlier this week. PWBM’s report reveals this plan is projected to cost taxpayers $84 billion and would disproportionately affect high-income earners. Roughly “750,000 households making over $312,000 in average household income” would be eligible for longer-term student debt cancellation. Chairman Jodey Arrington (R-TX) … Continue Reading
April 10, 2024
Chairman Arrington Statement on the 3.5% Inflation Rate for March, the Highest Level in Six Months
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Consumer Price Index (CPI) report for March showed that inflation increased by 3.5%, the highest level in six months. “President Biden’s failed economic policies and congressional Democrats’ tax and spend agenda continue to devastate the American people. Inflation is at its highest level in six months, and Bidenflation isn’t going anywhere. Families’ buying … Continue Reading
March 19, 2024
Chairman Jodey Arrington Delivers Statement of Support During Floor Debate on H.R. 766
WASHINGTON D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) spoke on the House Floor in favor of H.R. 766, the Dr. Michael C. Burgess Preventive Health Savings Act. The bill passed by a voice vote. The historic accomplishment marks the first time in history that a bipartisan bill with sole Budget Committee jurisdiction has been brought to the Floor under a suspension of the House rules. Click HERE to watch Chairman Arrington’s Statement. Chairman Arrington’s … Continue Reading
March 15, 2024
Chairman Arrington Discusses Biden’s Four Years of Fiscal Failure on Fox News Radio
WASHINGTON, D.C. - This week, House Budget Committee Chairman Jodey Arrington (R- TX) joined the Guy Benson show with guest host Ross Kaminsky to discuss President Biden’s four years of fiscal failure, how Biden’s climate policies are hurting the economy, House Republicans’ “Reverse the Curse” budget, and more. Some highlights from the discussion are below. Click HERE to listen to Chairman Arrington on Fox News Radio. House Budget Chairman Arrington on Biden’s Four Years of Fiscal … Continue Reading
March 14, 2024
Budget Health Care Task Force Examines Obamacare Program Driving Deficits
WASHINGTON, D.C. - On Tuesday, March 12, the House Budget Committee Health Care Task Force (HCTF), led by Chair Michael C. Burgess, M.D. (R-TX), held its second member roundtable, examining the budgetary effects of the Center for Medicare and Medicaid Innovation (CMMI), which was originally projected to save tax dollars, but is now adding billions to our mounting debt. This roundtable brought together members of the HCTF, Director Phillip Swagel of the nonpartisan Congressional Budget Office … Continue Reading
February 15, 2024
A Tale of Two Deficit Reductions
The recent Congressional Budget Office's (CBO) Budget Outlook underscores that Republicans and Democrats have very different meanings for “deficit reduction.” According to CBO's assessment, the Democrats' Inflation Reduction Act (IRA), initially anticipated to yield a deficit reduction of $58 billion, is now projected to cost an additional $364 billion. This stems from factors including underestimated claims for green tax credits and out-of-control administrative actions by the Biden … Continue Reading
February 07, 2024
CBO 2024 Baseline: The Baseline Under President Biden
The Deterioration of the Federal Budget Outlook Since Biden Took Office: Since January 20, 2021, the gross federal debt has increased by $6.4 trillion. To put that in perspective, the federal government has accumulated more debt in the last three years than in the first 214 years of the U.S. federal government (1789-2002). The debt continues to grow at an unsustainable rate under current policies. The latest Congressional Budget Office (CBO) baseline projected gross federal debt … Continue Reading
January 04, 2024
Chairman Arrington Releases Statement on CBO Fiscal Responsibility Act Analysis
WASHINGTON D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement in response to the Congressional Budget Office (CBO)’s issuance of guidance on the implementation of the Fiscal Responsibility Act (FRA), specifically the execution of spending caps: "Today, the Congressional Budget Office (CBO) sent a letter to House Budget Committee leadership providing clarity on how the spending caps included in the debt ceiling deal known as the Fiscal … Continue Reading
January 03, 2024
Chairman Arrington Reacts to Highest National Debt in History
WASHINGTON D.C. - Today, Chairman Jodey Arrington (R-TX) released the following statement in response to the national debt reaching $34 trillion for the first time in history: “The fiscal health of our nation is in rapid decline and a sovereign debt crisis would completely upend America’s security, prosperity, and leadership in the world. Washington politicians have made promises they can’t keep and created a government they can’t afford, and the consequences of their fiscal recklessness … Continue Reading
December 11, 2023
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
