ICYMI - CHAIRMAN ARRINGTON ON SQUAWK BOX: "This is the greatest country in the world. We want to keep it that way"
WASHINGTON – House Budget Committee Chairman Jodey Arrington (R-TX), today joined CNBC's "Squawk Box" to discuss our nation's declining fiscal health following the Congressional Budget Office (CBO) latest Budget and Economic Outlook report."This is the greatest country in the world. We want to keep it that way. I think our fiscal health and the trajectory we're on is the greatest long-term threat... it's a worse economy, it's more soaring interest rates, and record inflation...And it would be totally irresponsible for this President and our Democrat colleagues not to negotiate some limitation on our spending going forward."
CBO's baseline reported that the Biden Administration has caused an unprecedented explosion in federal spending – 21% higher than projected. The national debt is projected to increase from $24.3 trillion in 2022 to $46.4 trillion by 2033.
"We've never defaulted. We will not default today, and we will protect the good faith and credit of the United States. But we will not give this President, or any politician, an unlimited line of credit with no guardrails"
Under the Biden administration, numerous bailouts and massive government expansion disguised as COVID relief has blown out spending and exacerbated our debt disaster. The CBO now projects the national debt to increase $22 trillion over the next 10 years.
"I think there's a tremendous amount of waste and unnecessary spending, especially coming out of COVID... There's $100 billion in unspent COVID money, and we know that the COVID relief, so-called COVID relief, is what ignited inflation. We should rescind that. We should rescind the public health emergency, that's tens of billions of dollars."
