Press Releases
Currently showing results related to Economy
Smith: Biden’s Inflation Crisis Pushing Fed to Hike Interest Rates at Fastest Pace since 1981
Washington, D.C. - Today, House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Federal Reserve raised the Federal Funds Rate by an additional 75 basis points, the third rate increase since March. “Despite being warned about the inflationary impact of their spending agenda, President Biden and Washington Democrats turned a blind eye to the pain they were about to unleash on the American people. They rammed through their $2 trillion partisan … Continue Reading
June 10, 2022
Smith: Biden Gambled with the American Economy and the American People Are Paying for His Loss
WASHINGTON, D.C. - Today, House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Consumer Price Index showed inflation remaining at a forty-year high of 8.6 percent, and rising 12.2 percent since President Biden took office: “As difficult as it may be for Treasury Secretary Yellen to admit she was wrong about inflation, it has been far more painful for the average American who has filled up their gas tank or purchased groceries in the last 16 … Continue Reading
May 26, 2022
America’s Budgetary & Economic Outlook Deteriorating Under One-party Democrat rule
WASHINGTON, D.C. – Today, during a hearing of the House Budget Committee with Congressional Budget Office (CBO) Director Phillip Swagel, House Budget Committee Republican Leader Jason Smith (MO-08) highlighted how CBO’s latest Budget and Economic Outlook demonstrates the appalling extent to which America’s budgetary and economic outlook has deteriorated under just one year of President Biden and Democrat one-party rule in Washington. During his opening statement, Smith laid … Continue Reading
May 13, 2022
Biden Bailout Bill Spending Continues to Flow and Threaten Higher Inflation
WASHINGTON, D.C. - Starting this week, 30 states are eligible to receive the second tranche of funding from President Biden’s American Rescue Plan worth $105 billion. This massive injection of spending comes as new inflation data released this week shows price increases continuing at a forty-year high and as states have enjoyed record budget surpluses with total revenues growing by nearly 18 percent last year. “This $105 billion tranche from the President’s bailout bill - the bill that … Continue Reading
May 11, 2022
Smith: Biden’s Focus on Inflation is a Day Late and Many Dollars Short
WASHINGTON, D.C. - House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement today after the Consumer Price Index showed inflation remaining at a forty-year high of 8.3 percent, and rising 11 percent since President Biden took office: “President Biden claims to care about inflation now that it is a political liability for Washington Democrats. His interest in the pain his policies are causing American families is a day late and many dollars short. Since the … Continue Reading
May 06, 2022
GAO Report Warns of Impact of Growing Interest Rates on Nation’s Fiscal Health
WASHINGTON, D.C. - In its annual report on the “The Nation’s Fiscal Health” released today by the Government Accountability Office (GAO), the agency cited among various concerns the impact of interest rates on the nation’s fiscal health – even acknowledging the risks associated with interest rates climbing to levels higher than current Congressional Budget Office (CBO) projections. GAO’s report comes on the same day that House Budget Committee … Continue Reading
May 05, 2022
As Biden Inflation Crisis Pushes Interest Rates Higher, Smith Details Impact on Federal Budget
WASHINGTON, D.C. - Today, House Budget Committee Republican Leader Jason Smith (MO-08) released a report titled “The Consequences of Higher Interest Rates to the Federal Budget.” The report follows yesterday’s announcement by the Federal Reserve that it is raising the Federal Funds Rate by an additional 50 basis points, the second rate increase since March. The latest Fed actions continue an attempt to curtail the worse inflation crisis in over 40 years, fueled by the trillions in … Continue Reading
April 28, 2022
Smith: Our Economy is Shrinking Under President Biden
WASHINGTON, D.C. - House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after economic data showed U.S. gross domestic product (GDP) contracted at a 1.4 percent annualized rate during the first three months of the year: “Under President Biden, our economy is now shrinking. Today’s dismal economic report is another alarm bell going off about the damage President Biden’s policies are causing to the American economy and the workers and businesses who … Continue Reading
April 12, 2022
Smith: Biden’s Inflation Crisis Has Turned the American Dream into an Unaffordable Nightmare for Working Americans
WASHINGTON, D.C. - Today, House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Consumer Price Index showed inflation hitting a forty-year high for the fifth consecutive month, of 8.5 percent: “President Biden’s inflation crisis has turned the American Dream into an unaffordable nightmare for working Americans. Biden’s policies are robbing families and retirees of their hard-earned savings and undercutting workers’ wages more and more each … Continue Reading
April 04, 2022
Biden's FY23 Budget: Spending & Inflation Crisis
WASHINGTON, D.C. - Last week, President Biden released his FY 2023 budget, which deliberately doubles down on the failed policies that have created the worst inflation crisis in 40 years while deliberately assuming the crisis will simply disappear. As confirmed by the Congressional Budget Office, Americans are watching in real time as skyrocketing prices overwhelm their wages. Worsening this crisis, the President’s budget proposes $73 trillion in spending over the next 10 years - the highest … Continue Reading
March 16, 2022
Smith in Budget Hearing Calls Out Democrat Policies that Sidelined Working Women and Reckless Spending that Sparked Record Inflation
WASHINGTON, D.C. – The House Budget Committee today held a hearing titled “Ensuring Women Can Thrive in a Post Pandemic Economy” to analyze the economic and social impact the COVID-19 pandemic has had on women and what lessons can be learned from the response to the pandemic. House Budget Committee Republican Leader Jason Smith (MO-08) discussed in his opening statement how the labor force participation of women was disproportionately impacted not because of the COVID-19 … Continue Reading
March 16, 2022
Smith Opening Statement: Ensuring Women Can Thrive in a Post-Pandemic Economy
As prepared for delivery Thank you, Mr. Chairman. It is fair to say that the pandemic has had a disproportionate impact on women. It is also important to acknowledge that much of that negative impact came in the form of policies enacted in response to the pandemic. For example, working mothers represent 27 percent of Americans who left the work force during the pandemic - and school closures played a huge part. According to a 2020 study mothers were almost 70 percent less likely to be … Continue Reading
March 11, 2022
Smith Marks One-Year Anniversary of American Rescue Plan, Slamming Biden WH for Billions in Taxpayer Waste, Failed Economic Policies, and 40-Year High Inflation
WASHINGTON, DC – Exactly one year ago, on March 11, 2021, President Biden signed the $2 trillion so-called “American Rescue Plan” into law. One year later, Americans feel anything but ‘rescued’ as prices have spiked to their highest in forty years, a shortage in workers has exacerbated the supply chain crisis, and gas prices have now surpassed $4 a gallon. House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement today alongside … Continue Reading
March 10, 2022
Smith Statement on Inflation Continuing at 40-Year High
WASHINGTON, D.C. - Today, House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after the Consumer Price Index showed inflation continuing to run at the highest pace in 40 years: “As the Democrats’ spending-driven inflation crisis continues to punish American family budgets, it is clear that not only do President Biden and Washington Democrats not have a plan to address the crippling spike in prices, they actually want to convince the American people … Continue Reading
February 16, 2022
House Budget Republicans Call out Wasteful Washington Spending, Record Inflation, and Hypocrisy at Democrat Hearing on Abolishing Debt Limit
WASHINGTON, DC - Today, House Budget Committee Democrats led a hearing titled “Why Congress Should Abolish the Debt Limit.” House Democrats, including Majority Leader Steny Hoyer (MD-05) and House Budget Committee Chairman John Yarmuth (KY-03), repeatedly voiced their support for eliminating the debt limit. This would effectively pave the way for Congress to engage further in massive deficit spending, as Democrats have done with their $2 trillion Biden Bailout Bill and are … Continue Reading
February 10, 2022
Smith Statement on Inflation Continuing at 40-Year High
WASHINGTON, D.C. - Today, House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Consumer Price Index showed inflation continuing to run at the highest pace in 40 years: “Families are being crushed under this continued explosive spike in prices. And the only answer from Washington Democrats has been to spend more. The $2 trillion Biden Bailout Bill, full of the typical government waste, has done far more to spark inflation and these price … Continue Reading
January 19, 2022
Smith Slams Washington Democrats for Failed Economic Policies, Government-Fueled Inflation in GOP Congressional Roundtable
WASHINGTON, D.C. – Today, House Budget Committee Republican Leader Jason Smith (MO-08) participated in a roundtable with House Republican Members and Americans affected by President Biden’s failed economic agenda. Russ Gant, a small business owner in Southern Missouri, joined the roundtable and gave a firsthand perspective on the challenges small businesses and working families are facing in today’s economy. Congressman Smith’s remarks laid out how one year after … Continue Reading
January 12, 2022
Smith Statement on Highest Inflation Rate in 40 Years
WASHINGTON, D.C. - House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Consumer Price Index registered the highest pace of inflation in 40 years: “For months, Republicans and economists have warned about the inflationary impact runaway government spending, especially the President’s $2 trillion Bailout Bill, would have on the economy. At the Budget Committee, we sounded the alarm months ago that the country was on track to experience a price … Continue Reading
December 14, 2021
Democrats Vote to Ignore Confronting Inflation as Prices Spike to 40-Year High
WASHINGTON, D.C. - Today, House Democrats voted to ignore the inflation crisis facing American families. During debate on the House Floor, Republicans offered an opportunity to revise the Fiscal Year 2022 budget resolution and turn Congress’ attention to legislation to reduce the deficit, combat runaway inflation, and help get Americans back to work. Democrats voted to reject that effort. House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement: “The … Continue Reading
November 04, 2021
Smith: Biden’s Tax & Spending Bill Bankrupts the Economy, Benefits the Wealthy, Builds the Bureaucracy
WASHINGTON, D.C. – House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement today alongside the release of a fact sheet from House Budget Committee Republicans laying out the various ways the agenda being pushed by the Biden Administration and Congressional Democrats will benefit the wealthy at the expense of working families. “Washington Democrats have produced a tax and spending bill that will bankrupt the economy, benefit the wealthy, and … Continue Reading
