Lubbock Times

Yesterday, House Budget Committee Chairman Jodey Arrington (R-TX) appeared on Larry Kudlow’s show on Fox Business to discuss the impacts of the Democrats’ ‘Inflation Reduction Act’ (IRA) and measures to address federal government spending.

Chairman Arrington criticized the IRA's effects, stating: "Let’s [Biden-Harris Administration] put the first price tag on the working families in this country who will pay higher prices because of price controls and subsidies, which will only exacerbate an already sticky, high price situation that has prevented the Federal Reserve from lowering interest rates. It will be trillions of dollars, more than the largest spending bill ever, which was the partisan jam job called the quote, 'American rescue plan,' which was just a blue state bailout and a bunch of money for progressive pet projects. It was a guise under COVID relief, but it will be a deferred tax on our children."

He further highlighted concerns about national debt: "We're already borrowing as a result of this administration's unbridled spending, $6 billion a day, and we have a $35 trillion debt. The interest has tripled and now the gap every year, what we borrow versus what we spend, is $2 trillion. This is a disaster on so many levels. Working hard people in America and our children we have to pay that."

Addressing wasteful spending, Arrington remarked: "That’s going to be top of the agenda for reining in wasteful spending. We know there was a tremendous amount, probably well over $200 billion in just unemployment insurance alone and improper payments. I think that's the right place to start—rescind the monies that are unspent from quote 'COVID relief.' Not even a quarter of every dollar out of the 'American Rescue Plan' went to relief. Then I'd work through the entire balance sheet and budget of the federal government because it's riddled with waste and unnecessary spending."

Arrington also discussed economic policy: "That's a big part of the problem is overstimulation of demand while taxing, regulating, mandating prices, and controlling supply side which has created this chasm and this imbalance in supply and demand. That is why we have a cost-of-living crisis. He's got to work on both ends; nobody knows how to get an economy running like President Trump.”

Further information from Chairman Arrington can be found through statements released by the House Budget Committee.

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