Latest news with #balancedbudget
Fox News
15-07-2025
- Business
- Fox News
Republican leading House Budget Committee looks ahead after passing Big Beautiful Bill
House Budget Committee Chairman Rep. Jodey Arrington, R-Texas, was praised for the role he played in the passage of the Big Beautiful Bill. However, the congressman says this is the beginning, not the end, of spending reforms. "We will never be able to get a balanced budget or even put our country on a path to a balanced budget and a sustainable fiscal trajectory in one reconciliation bill," Arrington told Fox News Digital. "We're too far down the broken road of bad and irresponsible fiscal behavior. We're too deep in the debt hole for one bill to do it." Arrington, whom House Speaker Mike Johnson called the "the lead budget hawk in the House," said he is "obsessed" with tackling deficit spending, which he sees as the biggest threat to America's future. He believes that addressing the nation's situation in an effective way means creating the "conditions for growing the economy." "So, the pro-growth policies, the tax cuts, the work incentives, opening up our energy assets and deregulating the energy economy, all of those pro- growth policies will reignite economic growth. And that is the foundation for our country's fiscal health and just about everything else: our military prowess, our global leadership, our way of life," Arrington said. The Big Beautiful Bill's journey to President Donald Trump's desk was not pretty, as the legislation received criticism from both sides of the aisle and caused tension among Republicans. Elon Musk, Rep. Thomas Massie, R-Ky., and others argued that it did not take adequate measures to cut government spending. Arrington said he respects Massie and Musk — as well as other critics — but believes that the risk of losing the "good things" in the bill was too high. In the end, the Texas lawmaker sees the tradeoff as "permanent pro-growth tax policy" in exchange for the extra spending in the legislation. "I think there's a big gap in information — and accurate information. Part of it is you've got the Congressional Budget Office putting out these big numbers… two and a half or three trillion dollars in additional deficit that would be added to the national debt over the 10-year budget window as a result of this bill. That is just patently false. It's completely inaccurate," Arrington said, adding that they fail to "consider economic growth and the revenue that will flow back into the treasury when you have pro-growth policies." Trump signed the bill on his self-imposed July 4 deadline, just one day after the House passed the final version of the $3.3 trillion legislation. Before signing the bill, the president said it would "fuel massive economic growth" and "lift up the hard-working citizens who make this country run." So, what's next on the budget chairman's agenda? Just one thing — or three, as he said to Fox News Digital, "spending cuts, spending cuts and spending cuts." "We didn't get into this mess overnight, we won't get out of it overnight, but we'll never get out if we don't start exercising the political will to do what we all say in our campaigns," Arrington told Fox News Digital. "I think we established a great model for restoring fiscal health, and we just have to continue to repeat it and do it in even more dramatic fashion in the future."
Fox News
08-07-2025
- Business
- Fox News
DeSantis not keen on Musk's new political party, has another idea for disrupting DC
Florida Gov. Ron DeSantis suggested that business magnate Elon Musk push for balanced budget and congressional term limit amendments to the U.S. Constitution, rather than build a new political party. Musk, who has been beating the drum about the need to rein in government spending, announced that he is launching a new political party called the America Party. "Backing a candidate for president is not out of the question, but the focus for the next 12 months is on the House and the Senate," he noted in a post on X. DeSantis is not on board with the idea. The governor suggested that if Musk funds candidates in competitive Senate and House contests, Democrats will likely win. But DeSantis acknowledged that the GOP has an issue with people running on spending less, but then failing to do so. "There's a gap between the campaign rhetoric, and then the performance," he said. He explained that he does not believe "electing a few better people" will alter the "trajectory" on the debt issue. DeSantis said that the "incentives" in D.C. will "lead to these outcomes, really, regardless of the outcome of elections at this point," asserting that a balanced budget amendment to the Constitution is needed. Musk "would have a monumental impact" if he got involved, DeSantis said, adding that the U.S. also needs term limits for lawmakers.
New York Times
25-06-2025
- Business
- New York Times
Growth Claims Behind Trump's Big Policy Bill Rarely Pan Out in Reality
The senior Republican senator was adamant that the tax cuts his party was embracing would pay for themselves and bring the government closer to a balanced budget by spurring growth that would produce a gusher of revenue. 'We will never balance the federal budget until we make tax cuts that will generate more rapid economic growth in the years ahead,' he declared. 'It is this faster-growing economy that will in itself bring in more revenue and will bring the budget into balance.' That wasn't a current Republican lawmaker making the case for the tax cuts President Trump and his party hope to enact by the Fourth of July — though it could have been. It was former Senator Charles H. Percy, Republican of Illinois, arguing for President Ronald Reagan's tax cuts in 1981, one of four such packages pushed through over the last four decades by G.O.P. administrations pursuing an aggressive tax-cutting agenda. The arguments have remained fixed: Tax cuts will stimulate growth, pay for themselves and benefit all Americans. But a retrospective by a nonpartisan, nonprofit organization made up of former top congressional aides found that the previous tax cut measures — in 1981, 2001, 2003 and 2017 — did exactly none of those things, falling short of the claims made beforehand. 'This record reveals a consistent pattern,' said the report, which was released this month by the group Co-Equal. 'The tax cuts did not deliver on the promises of their advocates. In fact, they often achieved exactly the opposite, worsening the debt and exacerbating income inequality.' The potential consequences of the sweeping tax cut and domestic policy bill making its way through Congress are at the heart of the escalating fight over the legislation, as Republicans, urged by Mr. Trump, try to deliver Senate approval in the coming days. Want all of The Times? Subscribe.
