Press Releases

Currently showing results related to Economy

. See all results.


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 11, 2024

Op-Ed, Washington Examiner: Biden’s Cruel Economy

WASHINGTON, D.C. - This week, House Budget Committee Chairman Jodey Arrington (R-TX) penned an Op-Ed in the Washington Examiner on the effects of President Biden’s cruel economic policies. Under the Biden Administration, our country is at the highest level of indebtedness in history, inflation has soared nearly 20 percent, and the American dream has grown increasingly out of reach for millions of people. Read more as Chairman Arrington lays out the cost of President Biden’s cruel … Continue Reading


July 11, 2024

Inflation Report: Prices Remain Higher Than Pre-Pandemic

WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Consumer Price Index (CPI) report for June showed that inflation dropped slightly from May, with year-over-year inflation coming in at 3.0 percent. Since President Biden took office, prices have increased by a total of 19.2 percent. Chairman Arrington on Today's Inflation Report: Chairman Arrington released the following statement on today’s inflation report: “The … 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


July 05, 2024

June Jobs Report: Unemployment Rate Rises to Highest Level Since November 2021

WASHINGTON, D.C. - Today, the Bureau of Labor Statistics (BLS) released its jobs report for June 2024. The report showed 206,000 new jobs were created in June, 12,000 less than were created in May. The unemployment rate rose to 4.1 percent, the highest level since November 2021. Job gains in April and May were revised down by a combined 111,000 compared to prior projections. Chairman Arrington Statement on June Jobs Report: House Budget Committee Chairman Jodey Arrington (R-TX) responds to … 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 28, 2024

Biden’s 20 Percent Inflation Tax Costs American Families Over $17,000 Per Year

WASHINGTON, D.C. - Today the Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, was 2.6 percent for the month of May. Since President Biden took office, prices have increased 19.3 percent. This means that the average family of four is paying an additional $17,080 per year or $1,423 per month to purchase the same goods and services as in January 2021. House Budget Committee Chairman … 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 27, 2024

Bureau of Economic Analysis: GDP Growth for Q1 a Low 1.4 Percent

WASHINGTON, D.C. - Today, the Bureau of Economic Analysis (BEA) released its final estimate for economic growth in the first quarter (Q1) of 2024. The report found that real U.S. Gross Domestic Product (GDP) grew by just 1.4 percent. This finding underscores that President Biden’s failed economic policies have been a disaster for the economy. Chairman Arrington's Statement on GDP Growth: House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on GDP growth for … Continue Reading


June 27, 2024

House Budget Committee Holds Roundtable to Assess Implications of AI for the U.S. Economy and the Government

WASHINGTON, D.C. - Today, House Budget Committee members held a roundtable titled “The Age of Artificial Intelligence: Implications for the U.S. Economy and Government.” The Committee welcomed Andrew McAfee, a principal research scientist at the MIT Sloan School of Management, and Jason Payne, Chief Technology Officer for Microsoft Federal, to speak to members of the committee about the impacts of artificial intelligence (AI) on the U.S. economy and its potential uses to improve government … Continue Reading


June 25, 2024

The Conference Board: Consumer Confidence Weakens in June

WASHINGTON, D.C. - Today, The Conference Board released its report evaluating the Consumer Confidence Index for June 2024. The report shows that consumer confidence fell in June, highlighting that Americans are concerned for their financial future. The Conference Board Consumer Confidence Index® measures the optimism or pessimism of households about their financial situation and their ability to secure or retain employment. On a separate measure, for the fifth straight month, the Conference … Continue Reading


June 12, 2024

Economy Continues to Struggle: Fed Makes No Change to Interest Rates

WASHINGTON, D.C. - Today, the Federal Open Market Committee (FOMC), the Federal Reserve’s (Fed) committee that decides the future path of interest rates, announced that there will be no immediate change to interest rates. Falling workforce participation, worsening consumer confidence, and doubts about future economic growth all paint a bleak picture for our nation’s fiscal health. The Fed has indicated it won’t begin cutting interest rates until inflation is trending down toward the target of … Continue Reading


June 12, 2024

Inflation Stagnates: Doubts on Future Economic Growth Remain

WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Consumer Price Index (CPI) report for May showed that inflation remained unchanged from April, with year-over-year inflation coming in at 3.3 percent. Since President Biden took office, prices have increased by a total of 19.3 percent. Chairman Arrington on Today's Inflation Report: Chairman Arrington released the following statement on today’s inflation report: “The … Continue Reading


June 07, 2024

May Jobs Report: Labor Force Participation Drops from April

WASHINGTON, D.C. - Today, the Bureau of Labor Statistics (BLS) released its jobs report for May 2024, which showed 272,000 new jobs were created in May, the labor participation rate dropping slightly from 62.7 percent in April to 62.5 percent, and the unemployment rate ticking up slightly from 3.9 percent in April to 4.0 percent. Furthermore, nearly half of all job growth since October can be attributed to various immigrant groups, including illegal immigrants, showing a far weaker economy … Continue Reading


May 31, 2024

Bureau of Economic Analysis: PCE Inflation Rose by 2.7 Percent in April

WASHINGTON, D.C. - Today the Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, rose by 2.7 percent over the last year for the month of April. This is unchanged from March’s 2.7 percent. House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on PCE rising 2.7 percent over the last year in April: How bad was the impact of Democrats’ spending spree and … Continue Reading


May 30, 2024

Bureau of Economic Analysis: GDP Growth for Q1 was Just 1.3 Percent, Even Lower than Previously Estimated

WASHINGTON, D.C. - Today, the Bureau of Economic Analysis (BEA) released its second estimate for economic growth in the first quarter (Q1) of 2024. The report found that real U.S. Gross Domestic Product (GDP) grew by 1.3 percent, .3 percentage points lower than forecasted last month. This finding underscores that President Biden’s failed economic policies have been a disaster for the economy.  Chairman Arrington's Statement on GDP Growth: House Budget Committee Chairman Jodey Arrington … 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 28, 2024

Consumer Confidence Wanes for Second Consecutive Month, Fears of Looming Recession Continue to Grow

WASHINGTON, D.C. - Today, the Conference Board released its report entitled, “Confidence Ticks Up after Three Straight Declines but Consumers Remain Anxious about the Future,” evaluating Consumer Confidence for May 2024. The report described Consumers’ perceived likelihood of a recession over the next 12 months rose for the second consecutive month in May. The Conference Board Consumer Confidence Index® measures the optimism or pessimism of households about their financial situation and their … Continue Reading


May 15, 2024

Bureau of Labor Statistics: CPI Inflation at 3.4 Percent in April

WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Consumer Price Index (CPI) report for April showed that inflation increased by 0.3 percent, with year over year inflation at 3.4 percent. Since President Biden took office, prices have increased by a total of 19.3 percent. Chairman Arrington on Today's Inflation Report: “The trend of rising monthly prices and high yearly inflation is very concerning, especially coupled … 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

Showing page
Showing Page
  of 8