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 Democrats, led by President Biden. We know the facts: the promise of an economic recovery by President Biden and Democrats in Congress has been a farce, hurting the American people at every turn.
“As a result, more and more Americans are finding it harder to believe in the American Dream.
“Last November, the American people turned their anger into action and handed Republicans control of the House to reverse the curse. That’s why House Budget Committee Republicans delivered a budget resolution that works for hardworking families, seniors, and future generations by balancing the federal budget in ten years.
“Our budget resolution restores hope and optimism, showing the American people that it doesn’t have to be this way. There can be a better path forward.”
House Budget Committee’s FY24 budget resolution will “Reverse the Curse” of runaway spending and an unsustainable balance sheet. If enacted, our plan would:
- Lower interest payments on the debt by $3 trillion over the next 10 years;
- Reduce deficits by $16.3 trillion over the next decade;
- Create a $130 billion budget surplus in FY33;
- Grow the economy by 3% a year, higher than CBO’s estimate of 2% growth; and
- Fulfil House Republicans’ Commitment to America by balancing the federal budget in 10 years.