Press Releases
Currently showing results related to Economy
Chairman Arrington: Americans’ Outlook on Biden’s Inflation Crisis Remains Dim
WASHINGTON—Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement in response to the New York Federal Reserve’s May Survey of Consumer Expectations: “This report, once again, shows that Americans don’t trust this President to get us out of his inflation crisis. When workers tell Washington they don’t see the economic tides shifting anytime soon and that their finances are deteriorating under the scourge of high prices, … Continue Reading
June 07, 2023
Biden’s Budget Report Card: A Failing Record
With the summer approaching, it’s time to look back and grade President Biden’s budget and economic performance thus far as he enters the next half of his term's junior year. When reconciling the differences between GDP and GDI, we experienced negative growth in four of the last five quarters. Even Obama’s chief economist sees a recession on the horizon. Biden’s policies are projected to cause the slowest economic growth in almost a century. President … Continue Reading
June 02, 2023
Fact Check: Biden Misleads on Job “Creation” Statistics
The May jobs report showed alarming signs in the labor market. The household survey data—the part of the jobs report data that looks directly at American workers—showed that 440,000 more Americans became unemployed, a sign that the labor market may be beginning to deteriorate in the face of raging inflation and sky-rocketing interest rates.President Biden released a statement in response to the May jobs figures praising his Administration’s so-called job creation numbers. … Continue Reading
May 30, 2023
Chairman Arrington on the Fiscal Responsibility Act
Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on the Fiscal Responsibility Act, which would restore fiscal sanity in our nation and hold Washington accountable."It took two decades of fiscal irresponsibility to put our country in this financial mess and we shouldn’t expect to get out of it with just one legislative deal."The Fiscal Responsibility Act takes an important step to getting our nation’s fiscal house in order by … Continue Reading
May 26, 2023
Arrington: Another Month, Another Devastating Inflation Report
Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on this month’s Personal Consumption Expenditure’s Price Index (PCEPI) – the Federal Reserve’s preferred measure of inflation – which came in at 4.4%, higher than last month.“Another month, another devastating inflation report under this President. But Americans don’t need a report to tell them they’re paying higher prices this month than … Continue Reading
May 25, 2023
Economic Indicators for Q1 Show Biden’s Economy Has “Been in Recession for Some Time.”
Today the Bureau of Economic Analysis released its second estimate of Q1 Gross Domestic Product (GDP) for 2023. In this second estimate, real GDP increased at an annual rate of 1.3 percent—a slight improvement of the first Q1 GDP estimate released last month of 1.1 percent. Still, this is a sharp drop from the last year, when real GDP clocked in at 2.6 percent in Q4 of 2022. The Details: The upward revision of Q1 GDP came primarily from an upward revision of private inventory … Continue Reading
May 24, 2023
Three Harsh Realities of Biden’s Cruel Economy
Today, the House Budget Committee held part one in its hearing series on how we can reignite American growth and prosperity. At our hearing, Democrats tried to paint an extremely rosy picture about President Biden’s cruel economy. The facts don’t support their assertions. As Chairman Jodey Arrington (R-TX) stressed in his opening remarks: “if we grow our economy while controlling spending, we can create a glide-path to a healthier balance sheet, a … Continue Reading
May 24, 2023
Arrington Opening Statement on Removing the Burdens of Government Overreach
Today, House Budget Committee Chairman Jodey Arrington (R-TX) delivered the following opening remarks at a hearing on “Removing the Burdens of Government Overreach,” which is part one of our new hearing series, “Reigniting American Growth and Prosperity.” Click here to watch Chairman Jodey Arrington’s Opening Statement. Chairman Arrington’s remarks as prepared for delivery: Today, we are kickstarting a new series of hearings on … Continue Reading
May 23, 2023
New Polls Find Americans Support Spending Cuts in Debt Ceiling Solution, Don’t Trust Biden with the Economy
Americans are sending a loud message to the President: his handling of the economy isn’t acceptable, and he needs to work with House Republicans on getting our nation’s fiscal house in order. That’s according to a new poll released today by CNN. 60% percent of Americans say Congress should ONLY raise the nation’s debt ceiling if it cuts spending at the same time. 71% of all Americans say that not raising the debt limit would cause a crisis or major problems for the … Continue Reading
May 09, 2023
Arrington on CBO's Mid Fiscal Year Analysis
Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement regarding the Congressional Budget Office's (CBO) monthly budget review for April 2023: “Our nation’s fiscal health is in decline and our deficit spending is unsustainable. The CBO’s mid fiscal year analysis tells the story - Democrats’ reckless spending and failed economic policies are making America’s debt woes go from bad to worse.” A Few Highlights: We have already borrowed 236% more … Continue Reading
May 03, 2023
ECON 101: Historic, Skyrocketing Inflation and the Interest Rate Hikes That Followed
Decidedly inspired by the ethos espoused by President Obama’s former Chief of Staff, Rahm Emanuel, Democrats did not let our nation’s deadly public health emergency “go to waste.” Thanks to coordinated effort spearheaded by President Biden, Congressional Democrats preyed on a country still reeling from COVID lockdowns and widespread uncertainty to insert costly, one-size-fits-all policies into the homes and businesses practices of Americans across the country. Democrats spent money that we … Continue Reading
May 02, 2023
A Nation in Crisis: Democrat Spending Accelerates Debt Ceiling Deadline
Congress’ nonpartisan analyst, the Congressional Budget Office (CBO), released a report warning the Biden Administration and lawmakers on Capitol Hill of an expedited debt ceiling timeline. Statement from Chairman Arrington House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement regarding the Congressional Budget Office's (CBO) report: “After two years of reckless spending and failed economic policies that led to 40-year high inflation, soaring interest … Continue Reading
April 28, 2023
Arrington on this Month's Inflation Report
Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on this month’s inflation report, which showed that core PCE - which excludes food and energy and is the Fed’s preferred gauge of inflation - rose 4.6% over the last year and remains three times higher than it was before Democrats passed their so-called Inflation Reduction Act. “Today’s inflation report makes clear that the Biden Administration’s last inflation scapegoat - the war in Ukraine - was … 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 18, 2023
Every Day is Tax Day in Biden’s America
WASHINGTON - House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on Tax Day about the record taxes proposed by President Biden’s budget proposal. “In Biden’s America, every day is Tax Day. From weaponizing the IRS to choke American energy production, to hiring 87,000 IRS agents to shake down hardworking Americans, to proposing a budget with the highest sustained levels of taxes, Biden has an unquenchable thirst for taxing the American people. Biden’s FY24 … Continue Reading
April 12, 2023
Arrington: Americans Paying Price for Administration's Denial on Inflation
WASHINGTON - House Budget Committee Chairman Jodey Arrington (R-TX), issued the following statement after the Consumer Price Index (CPI) showed another month of rising prices. “Today’s CPI report once again shows the painful staying power of the record high inflation brought to the American people by President Biden’s reckless spending. While the Biden Administration pretends the economy is on the mend, Americans continue to pay the price for their failed economic policies. “Reducing … Continue Reading
March 29, 2023
Arrington Opening Statement at Fiscal State of the Union Hearing
Click here to watch Arrington's remarks. WASHINGTON – House Budget Committee Chairman Jodey Arrington (R-TX) delivered the following opening remarks at a hearing on the "Fiscal State of the Union." Rep. Arrington's Remarks as prepared for delivery: Good morning, everyone. And welcome to the Members of the Committee and our witnesses. This Committee is charged with the fiduciary responsibility of resourcing the People’s Government and the fiscal trajectory of the United States of … Continue Reading
March 28, 2023
Arrington on Stagnant Consumer Confidence
WASHINGTON - House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on the monthly consumer confidence report, which showed only a slight increase in the Consumer Confidence Index and a decline in both present and future expectations for the economy. “Consumer confidence remains almost 30 points below its pre-pandemic peak as the economy continues to shrink and inflation remains high. Biden’s recent budget is a consumer confidence killer by doubling down on … Continue Reading
March 23, 2023
Arrington: POTUS Values Government Over Freedom, Safety, Economic Security of His Fellow Americans
WASHINGTON - Chairman Jodey Arrington (TX) delivered the following remarks (as prepared) at a hearing of the House Budget Committee to consider the President’s Fiscal Year 2024 Budget Request: Over the last 2 years, this Administration’s reckless spending and failed economic policies have resulted in continued record inflation, soaring interest rates, and an economy in a recessionary tailspin - with the prospect of a catastrophic debt crisis looming on the horizon. Two years - $10 … Continue Reading
March 16, 2023
Biden’s Budget: A Government That’s Unaccountable
Grows the Bloated Bureaucracy: Expands the EPA with a $1.9 billion (19%) funding increase to hire 2,400 additional EPA employee, growing the agency’s bureaucracy to over 17,000 agents. Fuels climate alarmism with $5 billion to target greenhouse gases, $1.8 billion for environmental justice grants, and nearly $500 million to supercharge enforcement of Green New Deal environmental policies. Spends $130 million to further regulate chemical markets by slapping socialist price controls … Continue Reading
