Press Releases
Currently showing results related to Economy
Spending-Fueled Spike in Prices and Rising Interest Rates Are a One-Two Punch to American Families
House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Federal Reserve raised interest rates another 0.75 percentage points - the fifth rate increase since March and the fastest pace in 40 years. So far, interest rates have risen a cumulative 300 basis points in less than 7 months, making this the largest cumulative rate hike in 15 years: “The Democrat agenda of more spending and higher taxes has been a disaster for the American people. The … Continue Reading
September 13, 2022
CBO Confirms Biden's Agenda Will Worsen Economic Crisis Caused by Democrats’ Failed Policies
WASHINGTON, D.C. - Today, in its official re-estimate of the President’s FY23 budget - which is a blueprint for the Biden Administration’s plans for the country and the policies Washington Democrats have been pursuing for the past two years - the Congressional Budget Office confirmed that the proposed levels of spending, debt, and taxes in the President’s Budget submission will be the highest sustained levels in U.S. history, with spending increasing 62% and taxes increasing 80% over that of … Continue Reading
August 12, 2022
Democrats Vote to Increase Inflation, Raise Taxes and Audits on Middle-Class Americans, & Throw Green New Deal Handouts to the Wealthy
House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after House Democrats passed the Inflation Act - their plan to raise consumer prices, impose higher taxes and more IRS audits on middle-class families and businesses, and provide taxpayer-funded handouts to the wealthy and corporations: “Right now, the worst inflation crisis in a generation - sparked by $2 trillion in spending Democrats enacted last year - is stealing more and more money out of the … Continue Reading
August 06, 2022
The Truth about the Democrats’ Inflation Act
It has been a long week of cold hard facts raining down on the Democrats’ Inflation Act. First there were the folks at Penn Wharton and the Congressional Budget Office (CBO) who agree - this legislation does nothing to lower inflation: Researchers with the Penn Wharton Model - a favorite of Sen. Joe Manchin (D-WV) - reported that the “Inflation Reduction Act” will do nothing to tamp down the inflation crisis and would actually increase inflation in the near term. To quote the experts, … Continue Reading
August 04, 2022
CBO Confirms Democrats’ Plan Won’t Reduce Inflation, Showers Benefits on Wealthy, and Harms America’s Economy
Today, the Congressional Budget Office (CBO) confirmed that the Democrats’ latest reconciliation bill will have no impact on reducing inflation - a similar conclusion to that reached by researchers with the Penn Wharton Budget Model - in response to a request by Senate Budget Committee Ranking Member Senator Lindsey Graham (R-SC). CBO also reports that the largest driver of inflationary pressure, extended Obamacare subsidies, will simultaneously benefit wealthy Americans and disincentivize … Continue Reading
August 03, 2022
As Democrats Ready More Inflationary Spending, CBO Confirms Biden’s Inflation Crisis Already Added $2.5 Trillion to the Cost of Servicing Nation’s Debt
The Congressional Budget Office (CBO) today confirmed to House Budget Committee Republican Leader Jason Smith (MO-08) that the impact of President Biden’s inflation crisis and the subsequent rise in interest rates are forcing Americans to devote more of their tax dollars to paying interest on the debt. This analysis comes at the same time Washington Democrats are attempting to pass a budget reconciliation bill that would add more fuel to the inflation fire by spending $728 billion and adding … Continue Reading
August 02, 2022
FACT SHEET: Democrats’ Inflation EXPANSION Act Increases Debt by $114 Billion
House Budget Committee Republican Leader Jason Smith (MO-08) today released a fact sheet exposing how the Washington Democrats’ so-called “Inflation Reduction Act” relies on budget scoring gimmicks and false sunsets to hide the true cost of its inflationary spending and will add to the nation’s already unsustainable debt. “Democrats are at it again using budget gimmicks and fake sunsets to create savings on paper … Continue Reading
July 30, 2022
Sen. Manchin’s Favorite Budget Model: “Inflation Reduction Act” Will Increase Inflation
On Friday, researchers with the Penn Wharton Budget Model – a favorite of Senator Joe Manchin (D-WV) – reported that the newly revived Build Back Broke bill will do little to nothing to tamp down the inflation crisis that is robbing the paychecks of hardworking Americans and would actually increase inflation in the near term. If only naming the bill something made it so. Like how the “Affordable Care Act” … Continue Reading
July 28, 2022
Smith: America Is In A Recession Because of Biden’s Inflation Crisis
House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after data from the Bureau of Economic Analysis showed GDP declined for the second straight quarter, falling 0.9 percent. Over the last 75 years, every single time the economy has experienced consecutive quarters of negative growth, America has been in a recession: “America is in a recession because of President Biden’s inflation crisis. This news is not a surprise to the American people - they … Continue Reading
July 27, 2022
As Fed Hikes Rates to Combat Biden’s Inflation Crisis, Budget Office Confirms Worsening of America’s Fiscal Outlook
WASHINGTON, D.C. - House Budget Republican Leader Jason Smith (MO-08) released the following statement after the Congressional Budget Office (CBO) released its latest long-term budget outlook detailing the nation’s dismal fiscal health, and the Federal Reserve increased interest rates by 75 basis points - the fourth increase since March. “Washington Democrats’ $2 trillion American Rescue Plan ignited inflation, which has risen 13.8 percent since Joe Biden took office. For 15 straight … Continue Reading
July 22, 2022
Smith Op-Ed: Rising interest rates foreshadow Biden's recession
By Rep. Jason Smith The Hill Since President Biden took office, Washington Democrats have embarked on a massive spending spree totaling $9 trillion, which is more than the federal government spent in its first 195 years combined. That explosion of reckless spending is sabotaging America’s economy — with inflation up 13.8 percent under Biden, interest rates rising dramatically, and the nation teetering on recession. At the beginning of the Biden presidency, the Congressional Budget … Continue Reading
July 21, 2022
At Budget Hearing, Smith Blasts Democrat’s Inflationary Spending and Looming Recession as the Biggest Threat to Children and Families.
Today, during a House Budget Committee hearing on government investments in early childhood, Republican Leader Jason Smith (MO-08) blasted Democrats for their failure to take seriously the current economic turmoil caused by reckless Washington spending, and its dire impact on American families. During his opening statement, Smith warned that the fallout from Democrat policies – including rampant inflation and a looming recession – is the biggest threat facing children and families: … Continue Reading
July 15, 2022
Biden's Looming Inflation Recession
WASHINGTON, D.C. - Biden's inflation crisis is pushing America closer toward a painful recession. A recession will mean job losses, fewer opportunities, foreclosures, and lower wages while prices keep surging for American families on everything from eggs to electricity. The Democrats’ $2 trillion American Rescue Plan was the spark that ignited the highest inflation in 40 years - now at 9.1 percent year-over-year and 13.8 percent since Joe Biden took office - leading the Federal Reserve to … Continue Reading
July 13, 2022
As Biden’s Inflation Crisis Pushes America Toward Recession, Democrats Scheme on Higher Taxes & More Spending
WASHINGTON, D.C. - House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after the Consumer Price Index showed inflation at a forty-year high of 9.1 percent and rising 13.8 percent since President Biden took office: “President Biden’s inflation crisis is sending America hurtling towards a recession after turning the American Dream into an unaffordable nightmare for working families. The latest data shows inflation at a forty-year high of 9.1 percent, … Continue Reading
June 30, 2022
Having Sparked the Worst Inflation in 40 Years and Billions in Waste, Biden Administration Continues Big Spending with American Rescue Plan Funds
WASHINGTON, D.C. - Last month, a 2nd tranche worth $105 billion from the American Rescue Plan went out to states and localities. From early reports of how states and localities are planning to spend this second wave of federal tax dollars, it appears that Washington Democrats have not learned anything. Even after the American Rescue Plan ignited the highest inflation in 40 years, the Biden Administration is still shoveling more money out the door for states and localities to waste and … Continue Reading
June 23, 2022
CBO Confirms: Biden’s Biggest Executive Actions Come with $532 Billion Price Tag
WASHINGTON, D.C. – House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Congressional Budget Office (CBO) – in a response to a request from Smith – provided budgetary analysis of several executive actions taken by President Biden that combined will cost taxpayers $532* billion: “It turns out even with one-party Democrat control of Congress, President Biden has found a way to secretly spend hundreds of … Continue Reading
June 15, 2022
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
