Press Releases
Bureau of Economic Analysis: GDP Growth for Q3 at 2.8 Percent
WASHINGTON, D.C. - Today, the Bureau of Economic Analysis (BEA) released its first estimate for economic growth in the third quarter (Q3) of 2024. The report found that real U.S. Gross Domestic Product (GDP) grew by 2.8 percent. Chairman Arrington's Statement on GDP Growth: House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on GDP growth for Q3 2024: “As Americans continue struggling to make ends meet, it is clear that the Biden-Harris failed tax and … Continue Reading
October 24, 2024
Committee Leaders Blast Biden-Harris Administration’s Social Security Rulemaking Costing Taxpayers Nearly $40 Billion
WASHINGTON, D.C. - Four finalized rules from the Social Security Administration (SSA) are the latest examples of the Biden-Harris Administration’s expansion of federal power at a substantial cost to taxpayers, write House Budget Committee Chairman Jodey Arrington (R-TX), House Ways and Means Chairman Jason Smith (R-MO), Work and Welfare Subcommittee Chairman Darin LaHood (R-IL), Social Security Subcommittee Chairman Drew Ferguson (R-GA), and House Budget Committee Oversight Task Force Chair … Continue Reading
October 23, 2024
The Conference Board Leading Economic Index: Chairman Arrington Statement on September Report
WASHINGTON, D.C. - Earlier this week, The Conference Board released its Leading Economic Index (LEI) report for September 2024. The report showed that the LEI for the U.S. declined by 0.5 percent, to 99.7, following a 0.3 percent decline in August. These declines are part of a disturbing, yearlong pattern. The LEI fell 2.6 percent over the most recent six-month period, between March and September 2024, which followed a 2.2 percent drop during the previous six-month period (September 2023 to … Continue Reading
October 18, 2024
CBO Confirms: Biden-Harris Thrifty Food Plan Defied Congressional Intent and Reduced Labor Force Participation
WASHINGTON, D.C. - Yesterday, the nonpartisan Congressional Budget Office (CBO) released its analysis of the impact the Biden-Harris Administration’s unilateral expansion of the Supplemental Nutrition Assistance Program (SNAP) has had on labor force participation. Based on CBO’s estimates, the TFP increase ($300 billion over the next decade) likely lowered the work effort of those receiving benefits. Studies show lower labor force participation results in lower economic growth and delivering … Continue Reading
October 16, 2024
Peterson Foundation: Swing State Voters Concerned About Out-of-Control National Debt
WASHINGTON, D.C. - Last week, the Peter G. Peterson Foundation released a report showing that swing state voters overwhelmingly believe that the rising national debt is a critical campaign issue. According to the report, more than 90 percent of voters across seven key states - Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin - say that it’s important for presidential candidates to have a plan to rein-in the national debt. Chairman Arrington's Statement on … Continue Reading
October 10, 2024
Chairman Arrington Joins Kudlow on Fox Business to Discuss Offsetting the $1.8 Trillion Deficit and Reining in Out-of-Control Spending
WASHINGTON, D.C. - Yesterday, House Budget Committee Chairman Jodey Arrington (R-TX) joined Larry Kudlow and chief economist at America First Policy Institute (AFPI) Michael Faulkender to talk about President Trump’s economic plan, balancing the budget, and the Biden-Harris’s failed economic policies. Watch Chairman Arrington’s full interview on Fox Business HERE.Find highlights of key moments below: Chairman Arrington on President Trump's Economic Plan: “We have a blueprint to put the … Continue Reading
October 09, 2024
Chairman Arrington Joins Squawk Box to Sound the Alarm on America’s $1.8 Trillion Budget Deficit
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) joined “Squawk Box” on CNBC to sound the alarm on America’s unsustainable $1.8 trillion budget deficit, discuss the challenge the government faces in reducing wasteful spending, and stress the dire need for President Trump’s proposed government efficiency commission. Watch Chairman Arrington’s full interview on CNBC HERE. Find highlights of key moments below: Chairman Arrington on the Deficit: "At some … Continue Reading
October 08, 2024
KAMALANOMICS IS FAILING: New CBO Report Shows Record High Spending, Interest Costs
WASHINGTON, D.C. - Today, the non-partisan Congressional Budget Office (CBO) released its final monthly budget review for the fiscal year 2024. This report underscores the economic hardship incurred underneath the Biden-Harris Administration has resulted in the third highest deficit in American history. According to the report, both revenues and spending are higher than last year. However, the gap between the two has widened, substantially growing our national debt. Some key number breakdowns … Continue Reading
October 04, 2024
CBO: Medicaid Spending on Illegal Aliens Has Cost Taxpayers over $16.2 Billion Under Open Border Czar Harris
WASHINGTON, D.C. - This week, the nonpartisan Congressional Budget Office (CBO) released its analysis of the cost to taxpayers of Vice President Kamala Harris’ open border agenda on the Medicaid program. CBO estimates that the Biden-Harris Administration’s open border agenda cost federal and state taxpayers more than $16.2 billion to provide Medicaid-funded emergency services to illegal aliens since taking office. This is a staggering increase of 124% compared to the same period under the … Continue Reading
October 03, 2024
CBO Confirms: Biden-Harris Election Year Medicare Cost-Shifting Policy Will Cost Taxpayers Billions
WASHINGTON, D.C. - Yesterday, the nonpartisan Congressional Budget Office (CBO) released its analysis of a newly announced Biden-Harris program intended to paper over the flaws of the so-called “Inflation Reduction Act” (IRA). Based on CBO estimates, this election-year stunt to artificially lower the cost of seniors’ Part D premiums will cost taxpayers at least $7 billion in 2025, including $2 billion in additional interest on our already ballooning debt. If implemented as planned, this … Continue Reading
September 30, 2024
President Biden Signs H.R. 7032, the CBO Data Sharing Act Into Law
WASHINGTON, D.C. - Today, the President signed H.R. 7032, the Congressional Budget Office (CBO) Data Sharing Act, into law. This bipartisan legislation, championed by Budget Committee Chairman Jodey Arrington (R-TX) and Ranking Member Brendan Boyle (D-PA), is the first-ever House Budget Committee bill to become law with unanimous support from Congress. This legislation will expand the CBO’s authority to request and receive data from executive branch agencies while safeguarding sensitive … Continue Reading
September 26, 2024
House Budget Committee Reports Six Congressional Budget Office Reform Initiatives Favorably to the House
WASHINGTON, D.C. - Yesterday, House Budget Committee Chairman Jodey Arrington (R-TX) and members of the Committee held a markup of six bills to improve the practices and operations of the Congressional Budget Office (CBO). The bills under consideration include: H.R. 9716, the "Increasing Baseline Updates Act." Sponsor: Rep. Blake Moore (R-UT). This bill would require CBO to produce at least two baseline updates per year, including at least one update with economic data, ensuring … Continue Reading
September 25, 2024
Chairman Arrington Delivers Opening Remarks at Markup of Congressional Budget Office Reform Bills
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered opening remarks at the markup of six bills that aim to improve the Congressional Budget Office (CBO). Those bills are: H.R. 9716, the “Increasing Baseline Updates Act” H.R. 9751, the “Executive Action Cost Transparency Act” H.R. 9714, the “CBO Oversight Act” H.R. 9711, the “Congressional Budget Office Scheduling Reform Act” H.R. 8068, the “Stop the Baseline Bloat Act of 2024” H.R. 9686, the … Continue Reading
September 24, 2024
Consumer Confidence: Chairman Arrington Statement on September Report
WASHINGTON, D.C. - Today, The Conference Board released its report on the Consumer Confidence Index for September 2024. The report showed that overall consumer sentiment declined sharply in September to 98.7 from an upwardly revised 105.6 in August, demonstrating that Americans continue to worry about their financial futures. This was the largest decline in Consumer Confidence since August 2021. Consumer Confidence remains well below pre-Covid levels. Chairman Arrington on Consumer … Continue Reading
September 23, 2024
Chairman Arrington Requests CBO Analysis on the Exploding Cost of Medicaid Spending for Illegal Aliens Under Biden-Harris Border Crisis
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) sent a letter to Congressional Budget Office (CBO) Director Phillip Swagel asking the CBO to analyze the cost to taxpayers of “Border Czar” Vice President Kamala Harris’s open border on the Medicaid program. Specifically, the letter calls on CBO to produce data on Medicaid spending on emergency services for illegal aliens from Fiscal Year 2017 to Fiscal Year 2023, allowing American taxpayers to understand the … Continue Reading
September 20, 2024
The Cost of the Biden-Harris Energy Crisis: Trillions of Taxpayer Dollars and Counting
WASHINGTON, D.C. - Yesterday, House Budget Committee Chairman Jodey Arrington (R-TX) and members of the Committee held a hearing entitled “The Cost of the Biden-Harris Energy Crisis” to highlight the fiscal implications of the Biden-Harris Administration’s energy policies. Find some key moments from the hearing below: Chairman Jodey Arrington (R-TX): Click HERE to watch Chairman Arrington’s remarks “What do you think their [working class families] response would be to listen to his [Mr. … Continue Reading
September 19, 2024
Chairman Arrington Delivers Opening Remarks at Hearing Entitled “The Cost of the Biden-Harris Energy Crisis”
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered opening remarks at the hearing “The Cost of the Biden-Harris Energy Crisis.” Click HERE to watch Chairman Arrington’s Opening Remarks Opening Statement as Delivered: "Our hearing today focuses on the fiscal cost and economic consequences of the Biden-Harris Administration's failed economic and energy policies. Those costs have been significant and measurable, and the consequences have been manifold … Continue Reading
September 19, 2024
Chairman Arrington Joins Mornings with Maria to Discuss the Biden-Harris Failed Economic and Energy Agenda
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) joined “Mornings with Maria” on Fox Business to preview the House Budget Committee’s hearing entitled “The Cost of the Biden-Harris Energy Crisis” and this Administration’s failed economic agenda. Watch Chairman Arrington’s full interview on Fox Business HERE. Find highlights of key moments below: Chairman Arrington on Kamala Harris's Economic Agenda: "I'm scared to death that we would give control over … Continue Reading
September 18, 2024
Chairman Arrington Statement on Federal Reserve Interest Rate Cut
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 a 0.5 point reduction in the federal funds rate. Chairman Arrington on Our Current Economic State: House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on our current economic state: “The Federal Reserve’s activist monetary policies along with the Biden-Harris’ reckless spending were the Molotov … Continue Reading
September 12, 2024
House Budget Committee Examines Ways to Improve the Congressional Budget Office
WASHINGTON, D.C. - Yesterday, the House Budget Committee held a legislative hearing entitled “Congress and the Congressional Budget Office (CBO): Examining Ways to Improve CBO” with CBO Director Phillip Swagel. This was the Budget Committee’s second oversight hearing this Congress focused on examining ways to improve the accuracy of CBO’s cost estimates, the timeliness of its communications with members and the general public, and their accountability to the Congress. As CBO celebrates its … Continue Reading
