House Budget Republican Leader Jason Smith (MO-08) released the following statement after the Congressional Budget Office (CBO) released its latest long-term budget outlook detailing the nation’s dismal fiscal health, and the Federal Reserve increased interest rates by 75 basis points – the fourth increase since March. “Washington Democrats’ $2 trillion American Rescue Plan ignited inflation, … Continue reading As Fed Hikes Rates to Combat Biden’s Inflation Crisis, Budget Office Confirms Worsening of America’s Fiscal Outlook
Category: Economy
Ahead of Thursday’s U.S. Senate Banking Committee hearing on risks and scams in the cryptocurrency market,Ranking Member Pat Toomey (R-Pa.) said investors have suffered from a continued unwillingness by the Securities and Exchange Commission (SEC) to give regulatory clarity to the cryptocurrency community and consumers. In a letter to SEC Chairman Gary Gensler, Ranking Member Toomey wrote … Continue reading Toomey: Gensler’s Refusal to Give Crypto Regulatory Clarity Hurt Consumers
The Senate today passed the CHIPS+ Act, a bill that would hand over tens of billions of tax dollars to domestic production of semiconductors. CEI Senior Fellow Ryan Young denounced the bill as unneeded corporate welfare: “The best policy for giving taxpayer money to private businesses is: Don’t. Unfortunately, the Senate seems to think the best way … Continue reading Senate-Passed Corporate Welfare “CHIPS” Bill Won’t Help U.S. Companies Out-Compete China
Americans for Prosperity Vice President of Government Affairs Akash Chougule issued the following statement urging defeat of the so-called CHIPS Act under consideration in Congress this week: “Poll after poll underscores what we are hearing firsthand at our ‘True Cost of Washington’ tour events across the country – the biggest problem facing Americans right now … Continue reading Americans for Prosperity Opposes CHIPS Act Corporate Welfare
House Committee on Oversight and Reform Ranking Member James Comer (R-Ky.) and Oversight Committee Republicans are raising questions about the Department of Energy’s (DOE) sale of oil from the Strategic Petroleum Reserve (SPR) to a Chinese energy company that Hunter Biden’s private equity firm has a financial stake in. Recently, DOE sold 900,000 barrels of … Continue reading Republicans Probe DOE’s Sale of Oil to Chinese Company Affiliated with Hunter Biden
U.S. Senator Pat Toomey (R-Pa.) opposed efforts to proceed to Senate consideration of a massive new federal intervention into commercial manufacturing. At the time of the vote, legislative text was still unclear, but the one area that will be included in the ultimate bill is over $75 billion to subsidize the semiconductor industry—commonly known as … Continue reading Toomey Opposes Corporate Welfare Handout to Semiconductor Industry
Republican members of the U.S. Senate Finance Committee, led by Ranking Member Mike Crapo (R-Idaho), sent a letter to Senate colleagues highlighting concerns with a proposal to impose a tax on small- and medium-sized businesses—businesses already reeling from the pandemic, massive inflation and worker shortages. A proposal to expand the so-called Net Investment Income Tax, or … Continue reading Democrat plans for new small business tax would crush struggling US economy
“The sharp increase in softwood lumber prices, on top of high inflation and supply chain challenges, has only further added to residential construction costs.” U.S. Sens. John Thune (R-S.D.) and Bob Menendez (D-N.J.) this week urged U.S. Department of Commerce Secretary Gina Raimondo and U.S. Trade Representative (USTR) Katherine Tai to prioritize lumber tariff relief … Continue reading Thune, Menendez Urge Administration to Prioritize Lumber Trade to Improve Housing Costs
Senator Mike Braun is introducing “The Braun Budget” – a balanced federal budget designed to throw the brakes on out-of-control government spending, fight inflation by bringing expenses and revenue into balance over 10 years, and unleash American prosperity by making the Trump tax cuts permanent. Under to Congressional Budget Act, if the Senate Budget Committee fails … Continue reading Senator Braun introduces balanced federal budget to fight inflation, unleash prosperity
The non-partisan grassroots group Americans for Prosperity (AFP) this week submitted a Freedom of Information Act (FOIA) request probing the federal government’s role in causing and exacerbating the national baby formula shortage. A mountain of evidence already indicates the overbearing federal regulatory regime – including draconian FDA labeling requirements and tariffs on competing products from overseas – is … Continue reading AFP Submits FOIA to Investigate the Food and Drug Administration’s Failures in Baby Formula Crisis
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