Press Releases
Currently showing results related to Economy
CBO 2024 Baseline: The Baseline and Trust Funds
February 07, 2024
CBO 2024 Baseline: The Baseline and Revenues
February 07, 2024
CBO 2024 Baseline: The Baseline and Spending
February 07, 2024
CBO 2024 Baseline: Deficits and Debt
February 05, 2024
CBO 2024 Baseline: Understanding the Baseline
What is the CBO Baseline? The Congressional Budget and Impoundment Control Act of 1974 (Budget Act) requires the Congressional Budget Office (CBO) to annually provide a Budget and Economic Outlook to the House and Senate Budget Committees; commonly known as the CBO baseline. The CBO baseline is updated each year and helps Congress understand the Nation’s fiscal and economic challenges. CBO will release the updated baseline on Wednesday, February 7, 2024. Generally, the CBO baseline … Continue Reading
December 14, 2023
Chairman Arrington: Fiscal State of Federal Government Heads Toward Crisis
WASHINGTON, D.C. - Today, Chairman Jodey Arrington (R-TX) released the following statement in response to the Federal Reserve (Fed)’s decision on the federal funds rate and its updated forecast for interest rates and economic activity. Elevated interest rates, set by the Fed, have been exacerbating America’s already dire economic situation and piling on to our out-of-control federal debt. Due to higher interest rates, as well as an elevated debt profile due to run-away spending, federal … 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
November 20, 2023
Chairman Arrington, Health Care Task Force Chair Burgess Lead Letter to CBO on IRA Drug Development Analysis
WASHINGTON, D.C. - House Budget Committee Chairman Jodey Arrington (R-TX) and Budget Committee Health Care Task Force Chair Michael C. Burgess, M.D. (R-TX) led a letter to Director Phillip Swagel of the nonpartisan Congressional Budget Office (CBO) requesting answers to CBO’s analysis of policies impacting drug development in the United States. Joined by Budget Committee Health Care Task Force (HCTF) Members Rep. Lloyd Smucker (R-PA), Rep. Buddy Carter (R-GA), Rep. Blake Moore (R-UT), Rep. … Continue Reading
November 13, 2023
Chairman Arrington Reacts to Moody’s Report Lowering U.S. Economic Outlook
House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement after the Moody’s Investor Service lowered its rating of the U.S. economic outlook from “stable” to “negative” ahead of heightened interest rates and out-of-control spending levels:“It is noteworthy that over just the last several months, the U.S. credit rating has been downgraded and the fiscal outlook has changed for the worse; meanwhile, the U.S. Treasury bond market has softened and our overall economy is … Continue Reading
November 03, 2023
MORE STAGNANT NEWS: Chairman Arrington Reacts to October Jobs Report
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement after the Bureau of Labor Statistics (BLS) released its Jobs Report for October 2023, which showed slowed job growth and an uptick in the unemployment rate: “This has become the new normal for hardworking families under President Biden - slow growth, declining wages, and a lack of meaningful employment opportunities. President Biden’s FY2024 budget proposes the highest sustained … 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 25, 2023
Chairman Arrington: Help Us Less, Mr. President
WASHINGTON, D.C. — House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement after the White House announced a $50 billion inflation-causing spending package:“President Biden’s reckless spending on the Democrats’ vast and radical expansion of the federal government has weakened our economy, racked up a record-high federal debt, and ignited an inflationary firestorm that is burning up the wages and savings of working families. Now, he wants to use the cause as the … Continue Reading
October 19, 2023
House Budget Committee to Hold Hearing Examining Need for Fiscal Commission
Today, Chairman Jodey Arrington (R-TX), Ranking Member Brendan Boyle (D-PA), and Members of the House Budget Committee will hold a hearing to examine the need for a bipartisan commission to address the pressing fiscal issues of our time. Ahead of the hearing, Chairman Arrington released the following statement: “We must address our unsustainable national debt and understand its principal drivers. The lack of urgency around the insolvency of critical programs is an unconscionable abdication of … Continue Reading
October 12, 2023
Families Crushed as Biden’s Total Inflation Breaks 17%
Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Consumer Price Index (CPI) report for September stated inflation grew at a rate of 3.7 percent and cumulative inflation under President Biden grew to a staggering 17.1 percent: “Hardworking families are being crushed by President Biden’s inflation-inducing fiscal policies. Today, a family of four is paying $15,133 per year, or $1,261 per month, more to purchase the same goods and services … 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
October 09, 2023
BIDEN’S COSTLY POLICIES: How Biden’s Foreign Policy Failures Jeopardize Global Financial Security
The reckless foreign policy pushed by the Biden Administration has weakened our standing and emboldened our enemies. The botched Afghanistan withdrawal left over $7 billion worth of taxpayer-funded equipment, munitions, and military assets in the hands of the Taliban. The White House chose to resume sending financial assistance to the Palestinian Authority, resulting in over $200 million going directly to Gaza and the West Bank. The President’s failed policies have created an economic and … Continue Reading
October 05, 2023
UN-BREAK MY HEART: The Left Starts Ditching Bidenomics
President Biden wants us to believe that the term ‘Bidenomics’ indicates a record of economic success. But, after nearly three years of record inflation and interest rates that continue to climb, the American people just aren’t buying it. An NBC poll last week showed only 28 percent of Americans say they are “very” or “somewhat satisfied” with the economy.Can you blame them? Commodity prices are going up, forcing families to choose between putting food on the table or gas in the car. The … Continue Reading
October 04, 2023
Two-Year Anniversary of $300B Thrifty Food Plan (TFP) Expansion, Biden Continues to Circumvent Congress
This week marks the two-year anniversary of Biden’s $300 billion Thrifty Food Plan (TFP) expansion. TFP is just one of many examples of how the Biden administration has circumvented Congress to force a wasteful spending agenda on the American people.Background:For nearly 50 years, the TFP remained cost-neutral on an inflation adjusted basis. The 2018 Farm Bill’s language requires the United States Department of Agriculture (USDA) to reevaluate the TFP by “2022 and at 5-year intervals … Continue Reading
September 27, 2023
CONSUMER CONFIDENCE PLUMMETS: WE MUST REVERSE THE CURSE
Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement after the Conference Board released its Consumer Confidence report for September 2023, which showed consumer sentiment drop for the second consecutive month, and found that Americans’ expectations of a recession in the next 12 months increased: “Hardworking Americans are feeling the pain of crushing inflation and insurmountable debt, and they only have one group of people to blame: Congressional … Continue Reading
September 20, 2023
Chairman Arrington Delivers Opening Statement as Committee Considers Budget Resolution
Washington - Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered the following opening remarks at the markup of the Concurrent Resolution on the Budget for FY2024-FY2033. This plan restores fiscal responsibility, economic freedom, and prosperity in America. Chairman Arrington’s remarks as prepared for delivery:I want to thank all my fellow committee members for a great start to this Congress.I think the Ranking Member and I agree that we want this committee to be a place … Continue Reading
