Lubbock Times

House Budget Committee Chairman Jodey Arrington appeared on CNBC's "Squawk Box" to express concerns about the United States' $1.8 trillion budget deficit. He emphasized the challenges of reducing government spending and highlighted the importance of President Trump's proposed government efficiency commission.

Arrington discussed the implications of the growing deficit, stating, "At some point, we're going to run out of other people's money. Some of our foreign creditors, like Japan and China, will stop loaning us money to pay for an ever-growing government where we have an annual deficit of almost $2 trillion." He warned that over a decade, this could add more than $20 trillion to the national debt. He noted that servicing this debt costs more than national defense or Medicare.

On wasteful spending, Arrington remarked on recent Federal Reserve actions: "I don't think the Federal Reserve would have cut rates by 50 basis points if they weren't concerned about potential." He also pointed out discrepancies between projections and actual deficits under Joe Biden and Kamala Harris's administration.

Regarding Trump's government efficiency commission, Arrington said, "You can keep taxes low, but you have to reduce spending commensurately." He mentioned Trump’s collaboration with Elon Musk on addressing inefficiencies in federal spending and reducing waste in health care and welfare entitlements.

Further insights from Arrington are available through his statements on consumer confidence reports and budget reviews under the current administration.