Chairman's Press
Trump’s Tariffs Would Boost Inflation, Shrink the Economy, CBO Finds
Washington, D.C. - Trump’s tariffs, which he proposed on the campaign trail, would hike prices on everyday goods and shrink the economy, according to a new estimate from the nonpartisan Congressional Budget Office (CBO). The estimate was requested by Senate Budget Committee Chairman Sheldon Whitehouse (D-RI), Senate Majority Leader Chuck Schumer (D-NY), and Senate Finance Committee Chair Ron Wyden (D-OR). CBO examined the effects of a 10 percent across-the-board tariff on all imports and a 60 … Continue Reading
12.18.24
New Data Reveal Climate Change-Driven Insurance Crisis is Spreading
Washington, D.C.—Today, Senator Sheldon Whitehouse (D-RI), Chairman of the Senate Budget Committee, released a first-of-its kind public dataset and accompanying staff report that expose the scale of the climate change-driven crisis in homeowners’ insurance. With this release, the Committee makes publicly available—for the first time—an accounting of insurance non-renewals at the county level from all 50 states and the District of Columbia, covering the years 2018 through 2023. “Climate change … Continue Reading
12.17.24
Budget Committee Releases Sweeping New Report Highlighting Economic, Budgetary Costs of Climate Change
Washington, D.C.—Today, the Senate Budget Committee released a new report examining the economic dangers and budgetary costs of climate change. Across 19 hearings during the 118th Congress, the Budget Committee heard testimony from economists, central bankers, actuaries, insurance industry analysts, scientists, health care providers, farmers, academics, state and local government leaders, national security experts, and even conservative political leaders that remained consistent: climate change… Continue Reading
12.12.24
Democrats’ Health Care Proposals Would Make Sure 400,000 Additional Kids Receive Health Care, Boost Economic Growth, CBO Finds
Washington, D.C.—According to a new estimate from the nonpartisan Congressional Budget Office (CBO), Democrats’ proposals to expand health care for children would extend Medicaid and Children’s Health Insurance Program (CHIP) coverage to 400,000 more children each year and increase U.S. gross domestic product by $31 billion in the long term. In 2024, Medicaid provided health coverage for 100 million people, including more than half of all children, and it covered more than 40 percent of all U.S… Continue Reading
12.11.24
Debt Ceiling Process Needlessly Exposes United States to Substantial Default Risk, Warns GAO
Washington, D.C. - The current debt ceiling process “exposes the country to an unnecessary risk of default,” concluded a new report published today by the Government Accountability Office (GAO). Because spending and revenue decisions are separated from Treasury’s borrowing authority, and because Republicans frequently play political games with the debt ceiling, the United States faces substantial risk of catastrophic economic consequences from default. The report, prepared for Senator Sheldon W… Continue Reading
12.04.24
Extending Trump’s Tax Cuts for the Wealthy Will Shrink the Economy, CBO Finds
Washington, D.C. - In a new dynamic estimate of the Trump tax law, the nonpartisan Congressional Budget Office (CBO) found that another round of Trump’s tax cuts for the ultrarich will shrink the United States economy over the long term. As Congress gears up for the 2025 tax debate, Republicans are pushing for even more giveaways to the wealthy and big corporations, which, according to CBO’s previous work, would add $4.6 trillion to the deficit. The new analysis shows that by adding so much to… Continue Reading
10.31.24
Whitehouse, Pallone Join Forces to Press Big Oil for Answers About Suspected Collusion with OPEC
Washington, D.C. — Today, Senate Budget Committee Chairman Sheldon Whitehouse (D-RI) and House Energy and Commerce Committee Ranking Member Frank Pallone, Jr. (D-NJ) announced they are joining forces to turn up the heat on fossil fuel companies suspected of illegally conspiring with the Organization of the Petroleum Exporting Countries (OPEC), the international oil cartel, or representatives of its member countries to artificially raise prices on Americans and increase their own profits. Chair… Continue Reading
10.02.24
CBO Finds Yawning Wealth Gap Continues, Highlights Congressional Imperative to Unrig Tax Code
Washington, D.C. — A new report by the Congressional Budget Office (CBO) found wealth inequality in the United States has widened significantly since 1989, as the rich have captured an even larger share of overall wealth. According to the latest data, the wealthiest 10 percent of families now control 60 percent of U.S. wealth, while the bottom half of families hold just over 6 percent. At the very top, wealth has become even more concentrated: the top 1 percent of Americans now control more t… Continue Reading
09.26.24
Raising the Retirement Age is a Benefit Cut, CBO Finds
The Congressional Budget Office (CBO) released a report showing that raising the Social Security retirement age to 69—as House Republicans have proposed—would slash benefits for hardworking retirees. The report finds that Social Security benefits would be cut by an average of 13 percent if the Republicans’ plan were fully implemented. “Raising the retirement age is a benefit cut, as CBO has made crystal clear” said Senate Budget Chairman Sheldon Whitehouse (D-RI). “With Social Security facing … Continue Reading
09.25.24
Whitehouse Blasts Paul’s Budget
Washington, D.C.— U.S. Senator Sheldon Whitehouse (D-RI), Chairman of the U.S. Senate Budget Committee, delivered the following remarks from the Senate Floor in opposition to Senator Rand Paul’s (R-KY) proposed budget, which would extend the Trump tax cuts for the wealthy—costing $4.6 trillion—while cutting $20 trillion in federal spending and omitting all details about what he would cut. Senator Paul introduced his budget despite there already being a two-year budget deal in place—one that was… Continue Reading
09.25.24
Whitehouse Statement at Housing Hearing
U.S. Senator Sheldon Whitehouse (D-RI), Chairman of the U.S. Senate Budget Committee, delivered the following opening statement at today’s hearing,titled “The Costs of Inaction: Economic Risks from Housing Unaffordability.” Yesterday, Senator Whitehouse introduced the Affordable Housing Construction Act, new legislation to make housing more affordable by more than tripling the size of the Low-Income Housing Tax Credit (LIHTC) and providing additional funding for sustainable, accessible, and ener… Continue Reading
09.11.24
Whitehouse Statement at Social Security Hearing
U.S. Senator Sheldon Whitehouse (D-RI), Chairman of the U.S. Senate Budget Committee, delivered the following opening statement at today’s hearing, titled “Social Security Forever: Delivering Benefits and Protecting Retirement Security.” Chairman Whitehouse’s remarks, as prepared for delivery: Today’s hearing will examine the challenges facing one of our most important government programs, Social Security. Social Security has been a pillar of retirement security for millions of seniors for ne… Continue Reading
09.10.24
In New Bicameral Letters, Democrats Demand Big Oil Executives Comply with Investigation Into Trump’s Attempt to Sell Official Actions for $1 Billion
Today, Sen. Sheldon Whitehouse, Chairman of the Senate Budget Committee; Sen. Ron Wyden, Chairman of the Senate Finance Committee; and Rep. Jamie Raskin, Ranking Member of the House Committee on Oversight and Accountability sent new letters to top oil and gas executives demanding compliance with the Committees’ original requests for information regarding quid pro quo solicitations made by former President Donald Trump. Mr. Trump offered to sign Executive Orders and take other official actions t… Continue Reading
07.10.24
Whitehouse Statement at Hearing on CBO’s Budget and Economic Outlook
Washington, D.C.— U.S. Senator Sheldon Whitehouse (D-RI), Chairman of the U.S. Senate Budget Committee, delivered the following opening statement at today’s hearing, titled “Examining CBO’s Updated 2024-2034 Budget and Economic Outlook.” Chairman Whitehouse’s remarks, as prepared for delivery: I am pleased that we are joined by Director Swagel today to discuss the federal government’s fiscal trajectory. My Republican colleagues complain that I and my Democratic colleagues are unconcerned ab… Continue Reading
06.27.24
Budget Committee Initiates Probe into Suspected Collusion Between Big Oil and OPEC
Washington, D.C.—Senate Budget Committee Chairman Sheldon Whitehouse (D-RI) has launched an investigation demanding answers from 18 oil producers about any efforts to illegally coordinate with the Organization of the Petroleum Exporting Countries—the international oil cartel—or representatives of its member countries that would artificially raise prices on American consumers and increase costs for the federal government. The new probe follows revelations from the Federal Trade Commission that f… Continue Reading
06.13.24
Whitehouse Calls for Making the Wealthy and Corporations Pay Their Fair Share, Putting American Workers and Families First in 2025 Tax Debate
Washington, D.C.—U.S. Senator Sheldon Whitehouse (D-RI), Chairman of the U.S. Senate Budget Committee, issued the following statement echoing the Biden Administration’s call to fix the tax system so it helps hardworking Americans and the middle class, rather than the wealthy and well-connected: “As Congress gears up for the 2025 tax debate, Republicans are lining up to deliver even more budget-busting giveaways to their billionaire buddies. Republicans would like us to believe that their plans … Continue Reading
06.12.24
Whitehouse: Our Tax Code Is Corrupted and Rotten
Washington, D.C.— U.S. Senator Sheldon Whitehouse (D-RI), Chairman of the U.S. Senate Budget Committee, delivered the following opening statement at today’s hearing, titled “Making Wall Street Pay Its Fair Share: Raising Revenue, Strengthening Our Economy.” Chairman Whitehouse’s remarks, as prepared for delivery: Ranking Member Grassley, members of the committee, witnesses, and guests, welcome. Next year, a number of provisions from the 2017 Trump tax cuts will expire. Republicans have made … Continue Reading
06.10.24
Whitehouse, Boyle Call on Federal Reserve to Begin Cutting Interest Rates
Washington, D.C. - Today, Senate Budget Committee Chairman Sheldon Whitehouse and House Budget Committee Ranking Member Brendan F. Boyle sent a letter to Federal Reserve Board Chair Jerome Powell ahead of this week’s Federal Open Market Committee (FOMC) meeting, expressing concern over the harmful economic effects of prolonged elevated interest rates and calling on the Fed to begin lowering rates. “Excessively tight monetary policy may jeopardize the strong job market that the U.S. has enjoyed … Continue Reading
06.05.24
Whitehouse Opening Statement at Hearing on Insurance Upheaval from Climate Change
Washington, D.C.— U.S. Senator Sheldon Whitehouse (D-RI), Chairman of the U.S. Senate Budget Committee, delivered the following opening statement at today’s hearing, titled “Riskier Business: How Climate Change is Already Challenging Insurance Markets.” Chairman Whitehouse’s remarks, as prepared for delivery: Members of the Committee, witnesses, guests. More than a year has passed since our hearing on climate havoc in the insurance industry upending housing markets, mortgage markets, and loca… Continue Reading
05.23.24
Budget, Finance Committees Launch Joint Investigation into Donald Trump’s Quid Pro Quo Offer to Big Oil
Washington, D.C.— Following reports that former President Donald Trump made quid pro quo propositions to Big Oil executives—promising to roll back climate policies if he were re-elected in exchange for donations to his campaign—Senate Budget Committee Chairman Sheldon Whitehouse (D-RI) and Senate Finance Committee Chair Ron Wyden (D-OR) are demanding answers from nine oil and gas companies and their trade associations. As has been widely reported, former President Trump requested $1 billion in … Continue Reading
