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Lubbock Times

Wednesday, January 22, 2025

Chairman Arrington addresses U.S. fiscal crisis solutions at budget committee hearing

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Jodey Arrington - Chairman of the House Budget Committee | Official U.S. House headshot

Jodey Arrington - Chairman of the House Budget Committee | Official U.S. House headshot

Today, House Budget Committee Chairman Jodey Arrington delivered his opening remarks at a hearing titled "Sounding the Alarm: Pathways and Possible Solutions to the U.S. Fiscal Crisis" in Washington, D.C.

During his speech, Chairman Arrington highlighted the severity of the fiscal issues facing the United States. He stated, "We've got major fiscal problems and a completely unsustainable fiscal trajectory. I haven't heard anyone, Democrat or Republican, witness or member, that doesn't accept that fact." He warned of the potential consequences of a sovereign debt crisis, emphasizing the difficulty of maintaining global leadership if such an event were to occur.

Arrington stressed the importance of addressing these issues for future generations. "A lot is at stake, not the least of which is our children's future," he said. He advocated for fostering a culture focused on fiscal responsibility and accountability to ensure financial sustainability for the nation.

The chairman also mentioned exploring various mechanisms to enhance fiscal discipline, referencing constitutional provisions in other countries like Switzerland and Germany. In particular, he noted Germany's deficit-to-GDP trigger as an effective measure in some contexts.

Quoting Thomas Jefferson on power and responsibility, Arrington remarked: "Let no more be heard of the confidence of man but bind him down from mischief by the chains of the Constitution." He called for strengthening measures to curb irresponsible behavior that could jeopardize future prosperity.

In conclusion, Arrington described addressing these challenges as a moral imperative to preserve America's influence and opportunities for its children. "This is an A committee," he asserted. "We deal with A problems, and we're going to have an epic catastrophe if we don't work together."

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