Press Releases
As Democrats Ready More Inflationary Spending, CBO Confirms Biden’s Inflation Crisis Already Added $2.5 Trillion to the Cost of Servicing Nation’s Debt
The Congressional Budget Office (CBO) today confirmed to House Budget Committee Republican Leader Jason Smith (MO-08) that the impact of President Biden’s inflation crisis and the subsequent rise in interest rates are forcing Americans to devote more of their tax dollars to paying interest on the debt. This analysis comes at the same time Washington Democrats are attempting to pass a budget reconciliation bill that would add more fuel to the inflation fire by spending $728 billion and adding … Continue Reading
August 02, 2022
As Americans are Paying Nearly $6,000 for Biden’s Inflation Tax, Democrats Plan to Raise Taxes More on Those Making Less Than $400,000
Since President Biden took office, Americans have struggled to pay President Biden’s inflation tax. Real wages have fallen 5.1 percent, with families spending $3,500 more last year and $5,900 more this year for the same goods and services. In the latest version of Washington Democrats’ budget reconciliation plan, the so-called Inflation Reduction Act, Democrats are breaking with President Biden’s pledge not to raise taxes on Americans making less than $400,000 – and in … Continue Reading
August 02, 2022
FACT SHEET: Democrats’ Inflation EXPANSION Act Increases Debt by $114 Billion
House Budget Committee Republican Leader Jason Smith (MO-08) today released a fact sheet exposing how the Washington Democrats’ so-called “Inflation Reduction Act” relies on budget scoring gimmicks and false sunsets to hide the true cost of its inflationary spending and will add to the nation’s already unsustainable debt. “Democrats are at it again using budget gimmicks and fake sunsets to create savings on paper … Continue Reading
July 31, 2022
Scorekeeper Confirms Nearly Half of New Taxes in Democrats’ Proposal Fall on U.S. Manufacturers as America Spirals into Recession
WASHINGTON, D.C. — As America spirals into a recession, domestic manufacturers will soon face a higher cost of doing business as a result of Washington Democrats’ tax and spending plan, reports the Wall Street Journal. Analysis released last week from the Joint Committee on Taxation (JCT) shows that domestic manufacturers would bear roughly 50 percent of the tax burden from a 15 percent minimum tax on book income, as proposed in the latest version of the Democrats’ Build Back Broke … Continue Reading
July 30, 2022
Sen. Manchin’s Favorite Budget Model: “Inflation Reduction Act” Will Increase Inflation
On Friday, researchers with the Penn Wharton Budget Model – a favorite of Senator Joe Manchin (D-WV) – reported that the newly revived Build Back Broke bill will do little to nothing to tamp down the inflation crisis that is robbing the paychecks of hardworking Americans and would actually increase inflation in the near term. If only naming the bill something made it so. Like how the “Affordable Care Act” … Continue Reading
July 29, 2022
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
