“If we fail to prioritize fiscal reforms and continue politics-as-usual, then Congress will eventually bankrupt the greatest country in human history and irreparably undermine America’s influence in the world,” writes Ways and Means Committee Republican Rep. Jodey Arrington (R-TX) in an op-ed for Fox News.
Despite the name of President Biden’s “Inflation Reduction Act,” the bill did nothing to lower inflation and nothing to reduce the national debt, arguably making both much worse.
Democrats’ tax-and-spend agenda targets American families and small businesses.
- “The cause for these mind-numbing deficits is not from taxing families too little. In fact, Americans will pay $4.8 trillion in federal taxes this year, which is nearly $1 trillion more than what they paid prior to 2019 after inflation.
- “This year, for the first time ever, the federal government will collect over 10 percent of the entire U.S. economy in income tax revenue. But even soaring taxes cannot keep pace with federal spending that now tops $44,000 per household. Do you think you’re getting your money’s worth?”
Democrats fueled inflation with reckless government spending that’s crushing families and will make it worse.
- “Altogether, this administration has added a whopping $5 trillion in new spending, according to the bipartisan Committee for a Responsible Federal Budget. Wait, it gets worse! Washington is on pace to borrow $16 trillion more over the next decade and a mind-blowing $114 trillion over three decades.”
- “To say that our current fiscal path is unsustainable is the understatement of the century. A debt crisis would bring a painful economic collapse, along with higher taxes and inflation, surging interest rates, and declining family incomes.”
Should Republicans take the House, we will have an effective approach to restoring a strong economy.
- “First, we must get our own fiscal house in order by passing timely, responsible and realistic budgets – and enforcing them without gimmicks.”
- “Second, we must work with our Democrat colleagues to fix the broken budget process that allows Congress to shirk its fiduciary duty without accountability or consequence.”
- “Third, we must begin addressing the real debt drivers – mandatory spending programs – that are accelerating deficits and crowding out important discretionary spending, like infrastructure and defense.”