Press Releases
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 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
HOUSE BUDGET COMMITTEE ADVANCES BUDGET RESOLUTION
WASHINGTON, D.C. - Today, the House Budget Committee passed the Concurrent Resolution on the Budget for FY2024-FY2033, which would reduce the deficit by $16 trillion and balance the federal budget in 10 years. The budget resolution was passed out of Committee by a vote of 20-14. Upon passage of the resolution, Chairman Jodey Arrington (R-TX) said: “Today, the House took the first step in ‘reversing the curse’ and restoring America’s fiscal sanity by passing our resolution to balance the budget … 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
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
September 19, 2023
House Republicans Unveil Balanced Budget Resolution
Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the committee’s FY2024- FY2033 budget resolution, “Reverse the Curse.” The budget resolution balances the federal budget in 10 years and reduces deficits by $16.3 trillion over that same timeframe, resulting in a $130 billion surplus by FY2033. Our budget focuses on restoring America’s fiscal health by right sizing the bloated bureaucracy, reversing Biden’s spending spree, reining in runaway mandatory spending, rooting out … Continue Reading
September 13, 2023
Americans' Incomes Fall for Second Year during the Biden Administration
Due to President Biden’s reckless spending and failed economic policies, real median household income has declined for the third year in a row as reported by the U.S. Census Bureau. The Details: Real Median Household Income declined last year, falling from $76,330 to $74,580 in 2022-dollar terms. To put this in perspective, we haven’t seen this level of decline since the Great Recession of 2008. Specifically, the report finds: Real median earnings declined by 2.2 percent over the same … Continue Reading
September 12, 2023
Arrington to Mayorkas: Show us the Money
House Budget Committee Chairman Jodey Arrington (R-TX) sent a letter to Department of Homeland Security (DHS) Secretary Alejandro Mayorkas today, highlighting the devastating impact the crisis at the border is having on communities across the country and asking him to provide an accounting of DHS expenditures to address the influx of migrants at the southwest border. Specifically, the letter asks the Secretary the following questions: Since you became Secretary, what has the Department of … Continue Reading
September 01, 2023
Chairman Arrington on August Jobs Report
Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement after the Bureau of Labor Statistics released its jobs report for August 2023, which showed unemployment rise to 3.8% and a downward revision in jobs over the last few months:"America’s families and small businesses are still feeling the squeeze of Washington’s reckless tax-and-spend policies. Prices are going up, the cost of doing business is going up, and it’s becoming more expensive for companies to … Continue Reading
August 30, 2023
Two Years Later: The Federal Budget Impact of the Disastrous Afghanistan Withdrawal
Two years ago today, 13 brave servicemembers were killed catastrophically by a suicide bomber amid President Biden’s botched Afghanistan withdrawal. Their needless deaths serve as a stark and solemn reminder of the importance of American leadership and what we stand to lose in the absence of it. After the withdrawal, President Biden remarked that the mission was an “extraordinary success,” underscoring the President’s lack of foresight and his inability to put … Continue Reading
August 25, 2023
Chairman Arrington, Rep. Burgess Launch Budget Committee Health Care Task Force
House Budget Committee Chairman Jodey Arrington (R-TX) and Budget Committee Member Rep. Michael C. Burgess, M.D. (R-TX) today announced that the Committee has launched a new Budget Committee Health Care Task Force, which will be led by Rep. Burgess. Earlier this week, Arrington and Burgess published an opinion piece in The Hill highlighting how the recent U.S. credit downgrade and runaway health care spending makes this Task Force even more vital. The goal of this … Continue Reading
August 16, 2023
Chairman Arrington on Anniversary of the Democrats' ‘Deficit Production Act’
Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on the anniversary of the Inflation Reduction Act: “Happy anniversary to the wealthy EV owners, green energy corporations with over $1 billion in profit, and the Chinese who are making tens of billions from supplying critical minerals to the U.S.--compliments of the hard-working, taxpaying Americans who can’t even afford gas or groceries for their families."Background: The IRA's … Continue Reading
August 11, 2023
A Deeper Dive into the Latest Inflation Report
The Bureau of Labor Statistics yesterday released their July 2023 Consumer Price Index report. The topline consumer price-index (CPI) clocked in at 3.2% year-over-year (and 3.3% when seasonally adjusted). But core CPI—what the Federal Reserve’s prefers over topline CPI because it excludes the volatile food and energy categories—came it at 4.7%. Both these inflation measures are well above the Fed’s long-run target rate of 2%. According to … Continue Reading
August 10, 2023
Chairman Arrington Statement on Bidenflation’s Slow Decline
Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Labor Department released its July Consumer Price Index report: “Sluggish growth and stubborn inflation continue to persist as a result of Democrats’ spending spree and Biden’s failed economic policies. This month’s inflation report shows that, in spite of the aggressive interest rate hikes, core inflation is high, sticking close to 5%. Since Biden … Continue Reading
August 08, 2023
CBO July Report Casts a Bleak Fiscal Forecast
Each month, the Congressional Budget Office (CBO) issues Congress’ monthly fiscal report card by cataloging recent federal spending and revenues; signaling to the American people what those updated totals mean for our nation’s subsequent economic health. Today, CBO released its Monthly Budget Review for July 2023. Key Takeaway: In the first 10 months of FY 2023 the deficit has amounted to a staggering $1.6 trillion. This is $954 billion … 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
July 27, 2023
Phillip Swagel Reappointed as Director of Congressional Budget Office
Today, House and Senate leadership re-appointed Dr. Phillip Swagel to a second four-year term as Director of the nonpartisan Congressional Budget Office (CBO). As required by the Congressional Budget Act, the appointment was made jointly by Speaker of the House Kevin McCarthy (R-CA) and President Pro Tempore of the Senate Patty Murray (D-WA), upon the joint recommendation of House Budget Chairman Jodey Arrington (R-TX) and Senate Budget Committee Chairman Sheldon Whitehouse … Continue Reading
July 26, 2023
Chairman Arrington on Fed Decision to Hike Interest Rates
House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement after the Federal Reserve announced its plan to increase interest rates by a quarter percentage point, bringing rates to the highest level in 22 years.“Unbridled Democrat spending not only raised our national debt by a record $6T, but it created a cost-of-living crisis for working families. Since President Biden took office, prices for consumers are up 15.7 percent.“As a result of Democrat-caused … Continue Reading
July 25, 2023
It’s Simple: Democrats are focused on Spending. Republicans are focused on Growth.
California is on the cusp of a “borrowing bonanza,” according to a recent article by Politico. Gavin Newsom and Democratic lawmakers in the state are wanting to borrow billions of dollars on the backs of over-taxed Californians to fund a massive expansion of Newsom’s liberal agenda. Worst yet: legislative leaders are asking an economically anxious electorate to make this spending spree a reality. The Details: Current proposals made by … Continue Reading
July 21, 2023
Another Disastrous Biden Policy Would Add $475 Billion to the Debt
After the U.S. Supreme Court ruled that President Biden’s primary student loan bailout scheme was unconstitutional, the President used his pen to drastically expand another repayment cancelation rule that has been pending since 2022, quickly finalizing it in the wake of the court's rebuke. This rule, known as the Income Driven Repayment program sets student loan payment rates for some borrowers based on their income. Under this new scheme, the amount that borrowers have to pay … Continue Reading
