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 high inflation that has yet to subside, today the Federal Reserve raised interest rates another quarter of a point. This increase will raise borrowing costs for mortgages, credit cards, and business investments, slowing economic activity. 

“The Democrats’ spending spree, when coupled with Biden’s failed economic policies – attacking American energy producers, paying people not to work, and taxing and regulating our job creators –have only made the economy worse for all Americans.  

“We must reverse the curse of our out-of-control debt before it’s too late!!”