The CBO Economic Outlook: High Inflation, Higher Interest Rates, Projected Federal Budget Deficit, Inflation To Last Into 2023


WASHINGTON (May 25, 2022) — The Congressional Budget Office released an economic outlook Wednesday saying that high inflation will persist into next year, likely causing the federal government to pay higher interest rates on its debt. "CBO projects a federal budget deficit of $1.0 trillion in 2022 and an average…

Biden To Unveil His Annual Budget Today: Propose New Ways To Raise Money From Big Companies And Executives, And Inflation


WASHINGTON, DC (March 28, 2022)---When the Biden administration unveils its annual budget today, it will propose new ways to raise money from big companies and wealthy executives. One of these ideas could rewrite a fundamental practice in corporate America: stock buybacks. Companies in the S&P 500 repurchased a record $882…

GOP Republican Leader “Democrats Spending Inflation Crisis Continues To Punish American Family Budgets”


WASHINGTON, D.C. – Today, House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after the Consumer Price Index showed inflation continuing to run at the highest pace in 40 years: “As the Democrats’ spending-driven inflation crisis continues to punish American family budgets, it is clear that not only do President…

U.S. Inflation Skyrocketed For A Variety of Goods And Services, With Prices Climbing, CPI Rose 7.9% Fastest Jump In 40 Years


WASHINGTON (March 10, 2022)--U.S. consumers paid more for a variety of goods and services in February compared to the prior month and year, with prices climbing across the economy amid lingering supply and demand imbalances. The Bureau of Labor Statistics' Consumer Price Index (CPI) rose 7.9% in February compared to…

House Approved A Massive Spending Bill And $13.6 billion In US Aid To Ukraine And European Allies


WASHINGTON, D.C. (March 10, 2022)---The House approved a massive spending bill Wednesday night that would rush $13.6 billion in U.S. aid to battered Ukraine and its European allies,  after top Democrats were forced to abruptly drop their plan to include fresh funds to battle COVID-19. Passage of the Ukraine aid…

Smith Highlights Record Spending, Debt, and Taxes After One Year of Democrat Control


CITY OF WASHINGTON, D.C. (December 22, 2021)– House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement today alongside the release of a fact sheet highlighting the consequences to the federal budget of one year of total Democrat control in Washington.“The American people have watched for the last…

Tennessee Restaurants Are Calling On Members of Congress To Prevent Them From Closing Their Doors


NASHVILLE, Tenn. (November 18, 2021) — Restaurants across Tennessee are desperately calling on members of Congress to help them before some are forced to shut their doors. The U.S. Small Business Administration says less than one in three restaurants in Tennessee received money from the Restaurant Revitalization Fund. The March…

Biden’s Building Back Better Act To Exceed Estimates More Than $190 Billion


WASHINGTON, D.C. (November 18, 2021)--today the Congressional Budget Office (CBO) released it's estimates that enacting , Build Back Better, H.R. 5376 legislation would result in a net increase in the deficit totaling $367 billion over the 2022-2031 period, not counting any additional revenue that may be generated by additional funding…