Buddy's Budget Blog

Congressional Budget Office (CBO) Director Phillip Swagel testified before the House Budget Committee yesterday. Democrats tried using the hearing to defend the Biden Administration’s poor fiscal and economic policies, but Republicans saw right through it.

Rep. Earl L. “Buddy” Carter (R-GA), who sits on the Committee, shared the facts. In case you missed it, here are the highlights:

ON THE DEFICIT ‘REDUCTION’

“Here we have the 2021 deficit, the second highest in American history, was $517 billion over the CBO’s estimate; yet, the Biden Administration is trying to tout this as a deficit reduction.

“I mean, honestly and sincerely, do you think we’re stupid?”

“The 2.78 trillion deficit, that’s almost three times the trillion dollar ten year average deficit, at yet they’re saying it’s a deficit reduction. It just baffles me that someone could possibly even think or say that.”

ON THE RISING COST OF, WELL, EVERYTHING

“We all know that inflation has gone up every month, every month since this president has been in office.

“When Joe Biden went into office, the inflation rate was 1.7%. Now, here we are at 8.3%, 8.5%. We don’t have a revenue problem, what we’ve got is a spending problem.”

ON INTEREST RATE SPIKES

“Last time we experienced this kind of inflation, the effective intererest rate on the debt was 10.8%.”

“We had a .5% increase in the interest rate by the federal reserve, which resulted in $29 billion in interest, just like that. And don’t think the interest rate isn’t going to go up again.”

“How much is this going to cost us?”