March 08, 2024
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  • House Budget Committee Passes Budget Resolution in Meaningful Step Towards Fiscal Sanity

    Yesterday, Chairman Jodey Arrington (R-TX) and members of the House Budget Committee passed the concurrent resolution on the budget in a landmark achievement toward fiscal responsibility. 

    Yesterday marked the second time in 30 years that a budget has been passed out of committee before the President’s budget is released.

    Word on the Street:

    Chairman Jodey Arrington (R-TX):

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    Click HERE to watch Chairman Arrington’s Opening Statement.

    “This fiscal framework will balance the budget in 10 years by reducing deficit spending by a little over $14 trillion and reducing the debt to GDP by 40 points. We achieve these savings without cutting Medicare, Social Security, and veterans' benefits. Instead, we propose that our recently passed bipartisan fiscal commission find consensus solutions to strengthen and save these important safety net programs while addressing our $120 trillion long-term unfunded liability.”

    Rep. Blake Moore (R-UT):

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    Click HERE to watch Rep. Moore’s Statement.

    “This isn't World War Two or World War Two, where we can just lower defense spending completely and, and get our debt to GDP to 20%. We're in a different world now. But that's why we must make tough decisions. This resolution that we're doing today, is giving us all hope, and I am so thrilled to be able to put this on paper and to be able to vote for it, and to show that we have a plan to continue to grow our economy.

    Rep. Rudy Yakym (R-IN):

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    Click HERE to watch Rep. Yakym’s Statement.

    Our sky high debt is not only a threat to the fiscal health of our nation, but to our national security as well. Currently over $8 trillion of our debt is held by foreign entities, including China. We should all be concerned that China holds over $850 billion of our debt. As more and more taxpayer dollars get eaten up by interest payments, that's money that cannot be spent on military readiness and deterrence. This budget resolution makes meaningful changes to both mandatory and discretionary spending that are long overdue.

    Rep. Drew Ferguson (R-GA):

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    Click HERE to watch Rep. Ferguson’s Opening Statement.

    “There is always a lot of talk and rhetoric around washing about people's ideas and how they are going to work. Today, we are actually taking action, we are showing that House Republicans are willing to take a bold step to try and get our fiscal house in order. I think we have to be realistic. This didn’t happen overnight, it's going to take us a while to get out of it but we are taking a bold first step.”

    Rep. Ralph Norman (R-SC):

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    Click HERE to watch Rep. Norman's Statement.

    “I want to thank you for putting forward this conservative budget that will finally put in print something that we have not been able to do for the last four or five years even more… This budget gives us a template to stop this out-of-control spending and gives us a template to follow for other elected officials to follow. And, Mr. Chairman, thank you again for what you've done."

    The Bottom Line

    America is over $34 trillion in debt; yesterday’s House Budget Committee markup was a milestone to securing a stable and prosperous fiscal future and reversing the curse. 

    House Budget Committee Republicans passed a budget resolution that will: 

    • Rightsizethe bloated bureaucracy 
    • Reverse Biden’s spending spree 
    • Rein in runaway mandatory spending 
    • Root out waste and fraud in entitlement programs 
    • Reignites growth and prosperity. 

    As Chairman Arrington said: “Friends on both sides of the aisle, if we demonstrate that same sense of urgency, persistence, and political courage, we will preserve America's leadership in the world and secure the blessings of liberty for our children. But if we don't, we will be the first of our nation's leaders to leave the next generation, not with a better and brighter future, but with a worse and weaker country than we ourselves inherited. A public debt is indeed a public curse, and we must reverse it.”