Press Releases
Currently showing results related to Debt
Bureau of Economic Analysis: GDP Growth for Q3 at 2.8 Percent
WASHINGTON, D.C. - Today, the Bureau of Economic Analysis (BEA) released its first estimate for economic growth in the third quarter (Q3) of 2024. The report found that real U.S. Gross Domestic Product (GDP) grew by 2.8 percent. Chairman Arrington's Statement on GDP Growth: House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on GDP growth for Q3 2024: “As Americans continue struggling to make ends meet, it is clear that the Biden-Harris failed tax and … Continue Reading
October 24, 2024
Committee Leaders Blast Biden-Harris Administration’s Social Security Rulemaking Costing Taxpayers Nearly $40 Billion
WASHINGTON, D.C. - Four finalized rules from the Social Security Administration (SSA) are the latest examples of the Biden-Harris Administration’s expansion of federal power at a substantial cost to taxpayers, write House Budget Committee Chairman Jodey Arrington (R-TX), House Ways and Means Chairman Jason Smith (R-MO), Work and Welfare Subcommittee Chairman Darin LaHood (R-IL), Social Security Subcommittee Chairman Drew Ferguson (R-GA), and House Budget Committee Oversight Task Force Chair … Continue Reading
October 23, 2024
The Conference Board Leading Economic Index: Chairman Arrington Statement on September Report
WASHINGTON, D.C. - Earlier this week, The Conference Board released its Leading Economic Index (LEI) report for September 2024. The report showed that the LEI for the U.S. declined by 0.5 percent, to 99.7, following a 0.3 percent decline in August. These declines are part of a disturbing, yearlong pattern. The LEI fell 2.6 percent over the most recent six-month period, between March and September 2024, which followed a 2.2 percent drop during the previous six-month period (September 2023 to … Continue Reading
October 18, 2024
CBO Confirms: Biden-Harris Thrifty Food Plan Defied Congressional Intent and Reduced Labor Force Participation
WASHINGTON, D.C. - Yesterday, the nonpartisan Congressional Budget Office (CBO) released its analysis of the impact the Biden-Harris Administration’s unilateral expansion of the Supplemental Nutrition Assistance Program (SNAP) has had on labor force participation. Based on CBO’s estimates, the TFP increase ($300 billion over the next decade) likely lowered the work effort of those receiving benefits. Studies show lower labor force participation results in lower economic growth and delivering … Continue Reading
October 16, 2024
Peterson Foundation: Swing State Voters Concerned About Out-of-Control National Debt
WASHINGTON, D.C. - Last week, the Peter G. Peterson Foundation released a report showing that swing state voters overwhelmingly believe that the rising national debt is a critical campaign issue. According to the report, more than 90 percent of voters across seven key states - Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin - say that it’s important for presidential candidates to have a plan to rein-in the national debt. Chairman Arrington's Statement on … Continue Reading
October 08, 2024
KAMALANOMICS IS FAILING: New CBO Report Shows Record High Spending, Interest Costs
WASHINGTON, D.C. - Today, the non-partisan Congressional Budget Office (CBO) released its final monthly budget review for the fiscal year 2024. This report underscores the economic hardship incurred underneath the Biden-Harris Administration has resulted in the third highest deficit in American history. According to the report, both revenues and spending are higher than last year. However, the gap between the two has widened, substantially growing our national debt. Some key number breakdowns … Continue Reading
October 03, 2024
CBO Confirms: Biden-Harris Election Year Medicare Cost-Shifting Policy Will Cost Taxpayers Billions
WASHINGTON, D.C. - Yesterday, the nonpartisan Congressional Budget Office (CBO) released its analysis of a newly announced Biden-Harris program intended to paper over the flaws of the so-called “Inflation Reduction Act” (IRA). Based on CBO estimates, this election-year stunt to artificially lower the cost of seniors’ Part D premiums will cost taxpayers at least $7 billion in 2025, including $2 billion in additional interest on our already ballooning debt. If implemented as planned, this … Continue Reading
September 10, 2024
KAMALANOMICS: What Does Vice President Kamala Harris Truly Believe?
WASHINGTON, D.C. - During her tenure as a United States Senator, Kamala Harris supported and advocated for the implementation of economic policies that would decimate America’s workforce and torpedo the economy. Fast forward to the recently unveiled Harris-Waltz economic proposal, Vice President Harris continues to advocate in favor of policies that would further stifle American prosperity. The Penn Wharton Budget Model analyzed the Harris-Walz economic plan and reported some alarming … Continue Reading
August 15, 2024
Chairman Arrington on the Two-Year Anniversary of the Democrats’ So-Called ‘Inflation Reduction Act’
WASHINGTON, D.C. - Tomorrow, August 16, 2024, marks the second anniversary of the ‘Inflation Reduction Act’ (IRA) becoming law. Despite claims by Democrats, the IRA did not reduce inflation or the national deficit. On the contrary, the IRA’s massive spending caused inflation to rise and projected 10-year deficits are over $6 trillion higher than when the IRA passed. House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on this unfortunate milestone: Chairman … Continue Reading
July 29, 2024
DON’T CALIFORNIA MY AMERICA: The Cost of California Policymaking
WASHINGTON, D.C. - Last week, President Joe Biden announced he is not seeking another four years in office and intends to pass the torch to his Vice President and Open-Border Czar, Kamala Harris, a Democrat from California. We often hear that California, if it was its own country would rank 5th in GDP. That’s why California’s policy blunders are particularly damaging. Understanding these failures is crucial if we are to avoid making similar mistakes on the national level. Their progressive … Continue Reading
July 29, 2024
U.S. National Debt Surpasses $35 Trillion
WASHINGTON, D.C. - Today, the United States’s national debt reached another alarming milestone - our national debt is a staggering $35 trillion. House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on this milestone: Chairman Arrington's Statement: Background: The gross national debt is currently $35 trillion. This equates to: $104,497 per person $266,275 per household $483,889 per child The debt one year ago was $32.65 trillion, meaning that the … Continue Reading
July 11, 2024
Op-Ed, Washington Examiner: The Debt and Interest Albatross
WASHINGTON, D.C. - House Budget Committee Member Blake Moore (R-UT) is Sounding the Alarm on the fastest-growing part of our national debt: interest payments. Congressman Moore outlined hidden interest in an article in the Washington Examiner, highlighting how it is now the largest contributor to our national debt- exceeding infrastructure, education, healthcare, and national defense spending. Congressman Moore in the Washington Examiner: Via the Washington Examiner: “As we celebrated … Continue Reading
July 10, 2024
Congressional Budget Office Releases Monthly Budget Review: Federal Deficit Reaches $1.3 Trillion for First Nine Months
WASHINGTON, D.C. - Yesterday, the Congressional Budget Office (CBO) released the monthly budget review for June 2024. According to the report, overall spending, after adjusting for timing shifts, is up 7 percent at $320 billion and revenues are up 10 percent at $342 billion, when compared to the same point last year. Interest spending has increased by 40 percent at $201 billion compared to the same point last year. Some key number breakdowns: Topline Takeaways from CBO's Monthly Budget … Continue Reading
June 28, 2024
FACT CHECK: The Truth About Biden’s Failed Presidency
WASHINGTON, D.C. - Last night, President Biden and President Trump participated in the first presidential debate of the year. President Biden tried to paint a picture that his presidency has been good for the American people, but that couldn’t be further from the truth. The House Budget Committee is here with the facts on last night’s claims by President Biden. Read what he got wrong below and follow along for the truth. Economy: President Biden misled the American people about the pain … Continue Reading
June 27, 2024
FACT CHECK ALERT: Debunking CRFB’s Analysis of Trump and Biden Impacts on the National Debt
WASHINGTON, D.C. - This week, the Committee for a Responsible Federal Budget (CRFB) released a report entitled, “Trump and Biden: The National Debt.” The CRFB’s report attempts to compare the fiscal impact of the policies of the current Administration with the policies of the previous Administration, yet fails to accurately capture the total cost incurred by both presidencies. The CRFB’s report: Ignores the track record of increasing revenues following passage of TCJA; Omits the full … Continue Reading
June 25, 2024
Chairman Arrington Joins Squawk Box to Sound the Alarm on the Out of Control Debt
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) joined “Squawk Box” on CNBC to discuss the recent update to the Congressional Budget Office (CBO) baseline projections for fiscal years (FY) 2024-2034. This is an update to its February baseline. CBO now projects that deficit spending for FY24 will reach a staggering $1.9 trillion, an estimate that is $400 billion higher than CBO predicted just four months earlier. Additionally, interest spending has … Continue Reading
May 29, 2024
Interest Costs Skyrocket by 152 Percent Under President Biden
WASHINGTON, D.C. - Under President Biden, the cost to service our national debt has skyrocketed. Since January 2021, spending on interest has grown by an astonishing 152 percent. For context, during the same period, spending growth for key areas: 33 percent growth in spending for Social Security 21 percent growth in spending for Medicaid 15 percent growth in spending for Defense 14 percent growth in spending for Medicare Interest is the fastest growing obligation in the federal … Continue Reading
May 15, 2024
Chairman Arrington Introduces Legislation to Provide Taxpayers Transparency on the Public Debt
WASHINGTON, D.C. - House Budget Committee Chairman Jodey Arrington (R-TX) introduced legislation that would inform and educate the American people on the nation’s fiscal trajectory and what it means for them and their families. H.R. 8372, the Debt Per Taxpayer Information Act, would provide each American filing a tax return with information on their W-2 about federal revenues, outlays, and deficits in the latest available tax year, the total gross debt, and the estimated debt per taxpayer. It … Continue Reading
May 14, 2024
CBO Report on Inflation Covers Up the Harmful Effect of Bidenomics on the Economy
WASHINGTON, D.C. - Today the Congressional Budget Office (CBO), released a report entitled, “An Update About How Inflation Has Affected Households at Different Income Levels Since 2019.” This was an update to a report from September 2022. The updated report, requested by Senate Budget Committee Chairman Sheldon Whitehouse (D-RI), shows the cumulative inflation effects on households since 2019. This five-year cumulative look back, with no year-by-year breakdown, conflates the positive … Continue Reading
May 07, 2024
Fox Business: Chairman Arrington Discusses Looming Insolvency of Social Security, Medicare, and the Upcoming Hearing on the Cost of the Border Crisis
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) joined Fox Business’s Cavuto: Coast to Coast with host Neil Cavuto to discuss the looming insolvency of our entitlement programs such as Social Security and Medicare, and to highlight the Committee’s upcoming hearing entitled “The Cost of the Border Crisis.” Click HERE to watch Chairman Arrington on Cavuto: Coast to Coast Highlights from the Chairman’s interview below: Chairman Arrington on the Border … Continue Reading
