Lubbock Times

The Bureau of Economic Analysis (BEA) has released its second estimate for the economic growth in the third quarter of 2024. The report indicates that the real U.S. Gross Domestic Product (GDP) grew at an annual rate of 2.8 percent during this period.

House Budget Committee Chairman Jodey Arrington expressed his views on the GDP growth, stating, “While growth is improving, we must keep an eye on inflation - things are more fragile than they appear, especially because of $2 trillion in deficits and a record $36 trillion in debt."

Arrington also commented on future expectations under President Trump's leadership, saying he anticipates "significantly better economic outcomes," which would include supply-side relief and spending restraint.

The statement from Arrington also criticized the Biden-Harris Administration's economic policies. It claimed that their approach led to inflation reaching its highest level in four decades and resulted in increased 10-year deficit projections by 80 percent. According to Arrington, these policies forced the Federal Reserve to adopt tighter monetary measures, resulting in interest rates hitting a 23-year high.

The House Budget Committee Republicans have expressed their intention to collaborate with the Trump Administration to address what they describe as bureaucratic spending habits.