WASHINGTON, D.C. – The Congressional Budget Office (CBO) released its annual long-term budget outlook detailing the nation’s dismal fiscal health. The report shows the debt growing to historic levels and the slowest extended period of economic growth in U.S. history.

Budget Chairman Jodey Arrington (R-Texas) released the following statement:

“The CBO report confirms what we already know: America’s fiscal health is rapidly deteriorating, and our long-term outlook goes from bad to unimaginably worse with a projection of federal debt reaching $150 trillion by 2055, which is more than $1.6 million of debt per family of four. I have continued to sound the alarm on our out-of-control deficit spending and unsustainable debt—the single greatest threat to our country and our children’s future. We must rein in Washington’s wasteful spending, restore economic freedom, and unleash prosperity in America once again.

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WASHINGTON, D.C. – Today, House Budget Committee Chairman Jodey Arrington (R-Texas) issued the following statement in response to President Donald Trump’s actions regarding emergency designations under the Fiscal Responsibility Act of 2023:

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WASHINGTON, D.C. – Today, Ray Dalio, founder of Bridgewater Associates, met with Budget Chairman Jodey Arrington (R-Texas) and other Republicans in the House of Representatives to discuss Dalio’s research on the history of debt crises and the broader implications of the United States’ ever-increasing $36 trillion national debt.

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Our ever-increasing $36 trillion national debt exceeds the size of the U.S. economy—the largest in the world—and has surpassed the historic peak following World War II, with a debt-to Gross Domestic Product (GDP) ratio of 122 percent.

If Congress does not act swiftly to confront the structural disconnect between reckless federal spending and incoming revenues, our nation will experience either slow and painful economic demise through sustained stagnation or a swift and catastrophic sovereign debt crisis whereby our creditors lose confidence in our ability to service and repay our debt. This distrust will jeopardize the dollar’s dominance as the world’s reserve currency and result in massive tax hikes and austere spending cuts. Both scenarios would imperil our Republic and our nation’s future.

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The Centers for Medicare & Medicaid Services (CMS) has announced a reduction in funding for the Affordable Care Act (ACA) Navigator program to $10 million. The savings from this reduction will allow the Federally-facilitated Exchanges (FFEs) to focus on more effective strategies that improve Exchange outcomes and to reduce the user fee in future years, which would translate into a reduction in premium. This change will directly benefit people enrolled without subsidies who pay the full premium for their health insurance. In addition, lower premiums will reduce the burden on hardworking American taxpayers who fund the premium subsidies through the FFEs.

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