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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
April 26, 2023
House GOP Leadership Statement on Passage of the Limit, Save, Grow Act
Today, Budget Committee Chairman Jodey Arrington (TX-19) joined Speaker Kevin McCarthy (CA-20), Majority Leader Steve Scalise (LA-01), Majority Whip Tom Emmer (MN-06), and Conference Chairwoman Elise Stefanik (NY-21) to issue the following statement on the passage of legislation to responsibly address the debt ceiling, the Limit, Save, Grow Act of 2023. “House Republicans just delivered a plan that will address the country’s debt crisis. Our conference came together to pass the only plan in … Continue Reading
April 26, 2023
Arrington Urges Passage of Limit, Save, Grow Act
WASHINGTON - At the House Republican leadership press conference today, House Budget Committee Chairman Jodey Arrington (R-TX) urged President Biden to come to the negotiating table to raise the debt ceiling. Arrington highlighted the Republican plan H.R. 2811, the “Limit, Save, Grow Act” that will responsibly raise the debt ceiling by reducing federal spending, save taxpayer dollars, and grow the economy. Click here to watch Arrington's full … Continue Reading
April 25, 2023
Arrington Testifies Before Rules Committee on Limit, Save, Grow Act of 2023
Today, House Budget Committee Chairman Jodey Arrington (R-TX) testified before the House Rules Committee after filing H.R. 2811, the "Limit, Save, Grow Act," which is the House Republican plan to responsibly address the debt ceiling. Chairman Arrington's remarks as prepared for delivery: Chairman Cole, Ranking Member McGovern, Members of the Rules Committee. Thank you for the opportunity to testify before you today on the Republicans’ responsible debt ceiling legislation. Nobody can … Continue Reading
April 25, 2023
Arrington Introduces Republican's Responsible Debt Ceiling Proposal
House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement today after filing H.R. 2811, the "Limit, Save, Grow Act," which is the House Republican plan to responsibly address the debt ceiling. "Over the last two years, the Biden Administration’s reckless spending and failed economic policies have resulted in record inflation, soaring interest rates, and an economy in a recessionary tailspin - with the prospect of a catastrophic debt crisis looming on the … Continue Reading
April 19, 2023
House GOP Leadership Statement on the House GOP Plan to Address the Debt Ceiling
WASHINGTON - Today, Speaker Kevin McCarthy (CA-20), Majority Leader Steve Scalise (LA-01), Majority Whip Tom Emmer (MN-06), Conference Chairwoman Elise Stefanik (NY-21), and House Budget Committee Chairman Jodey Arrington (TX-19) issued the following statement on the House GOP's plan to responsibly address the debt ceiling, the Limit, Save, Grow Act of 2023. “The American people expect and deserve serious, sensible action to address our soaring national debt. Unfortunately, President Biden … Continue Reading
March 17, 2023
Budgets are Priorities, and the President’s Priorities Aren’t Those of the American People
President Biden has repeatedly said, “Show me your budget and I’ll show you your priorities.” After combing through the President’s budget, it is clear that the President has very different values than the American people. The President’s priority isn’t combatting the fentanyl crisis, it’s buying electric vehicles. Grows the EPA, DOE, and other bureaucracies, but cuts DHS by $600M. Spends 3x more on EVs as he does on the combatting the fentanyl crisis. The President’s … Continue Reading
March 07, 2023
The Past is Prologue: Biden's Deficit Spending Record
When President Biden was asked what he we would do differently in the next two years, he responded emphatically, “nothing.” It’s safe to say the President’s budget will advance his radical agenda with record-breaking deficit spending, tax-hikes, and increases in the national debt. Historic Taxes, Spending, and Deficits Over ten years, President Biden’s FY 2023 budget proposed: Spending: $73 trillion or 23.4 percent of GDP—highest sustained level in American history. Taxes: $58 … Continue Reading
February 27, 2023
How to Avoid Financial Armageddon and Restore Fiscal Accountability
By: Chairman Jodey Arrington (TX) February 27, 2023 As seen in The Hill “A public debt is a public curse.” So said James Madison in a letter to Henry Lee in 1790. At the time, the new American government was struggling to pay off its $75 million debt to the French, a country which had its own problems dealing with an increasingly violent revolution. I doubt Madison could have envisioned how successful his experiment in republican governance would become, one that would finance much … 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
