Chairman's Press
Whitehouse, Boyle Legislation to Protect Social Security for All, Make Wealthiest Pay Fairer Share Will Extend Solvency Indefinitely
Washington, D.C.—New analysis released today by the Social Security Administration’s Office of the Chief Actuary finds the Medicare and Social Security Fair Share Act, originally introduced by Senator Sheldon Whitehouse (D-RI), and with companion legislation introduced today by Congressman Brendan F. Boyle (D-PA-02), would extend Social Security solvency indefinitely by making the nation’s highest earners contribute their fair share. The Chief Actuary’s letter was issued in response to a joint r… Continue Reading
06.22.23
Grassley, Whitehouse Recognized for Shining Light on Nazi-Linked Accounts at Credit Suisse
WASHINGTON, D.C. - The Simon Wiesenthal Center, a global Jewish human rights organization dedicated to confronting anti-Semitism, hate and terrorism, recognized Budget Committee Ranking Member Chuck Grassley (R-Iowa) and Chairman Sheldon Whitehouse (D-R.I.) for their efforts to shine a light on previously-undisclosed Nazi-linked accounts held by Credit Suisse. DOWNLOAD PHOTOS Members of the Simon Wiesenthal Center present shofars to Sens. Chuck Grassley and Sheldon Whitehouse. Pictured from … Continue Reading
06.21.23
Sen. Whitehouse: Fossil fuel-funded climate obstruction is causing systemic financial risks to the economy
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 “Dollars and Degrees: Investigating Fossil Fuel Dark Money’s Systemic Threats to Climate and the Federal Budget.” Chairman Whitehouse’s remarks, as prepared for delivery: Before we get to our opening statements, I’d like to take a moment to correct the record regarding the International Monetary Fund’s 2021 working paper sho… Continue Reading
06.14.23
Sen. Whitehouse: “So much for their fabled concerns about the deficit”
Washington, D.C.— Today, Senator Whitehouse (D-RI), Chairman of the Senate Budget Committee, delivered the following remarks after the House Ways & Means Committee began marking up Republicans’ new tax package, which would increase the deficit, undo climate progress, and deliver tax cuts that would primarily benefit large corporations and the wealthy. Watch: Video of Senator Whitehouse’s remarks available here Chairman Whitehouse’s remarks, as prepared for delivery: So, we are just … Continue Reading
06.09.23
Budget Committee Launches Investigation into Major Insurance Companies’ Climate Risk Evaluation, Fossil Fuel Support
Washington, D.C.—Today, Senator Whitehouse (D-RI), Chairman of the Senate Budget Committee, and fellow Committee members Senators Wyden (D-OR) and Sanders (I-VT) launched an investigation into how the U.S. insurance industry evaluates climate-related risks, decides to invest in or underwrite fossil fuel expansion projects that drive such risks, and prices policies that insure such projects. In letters sent to AIG, Berkshire Hathaway, Chubb, Liberty Mutual, Starr, State Farm, and Travelers, the … Continue Reading
06.07.23
Sen. Whitehouse: Climate change threatens agriculture sector, federal budget
Ranking Member Grassley, members of the committee, witnesses, and guests, welcome to our thirteenth committee hearing. Today, we return to our series on the economic toll of a changing climate, this time with a bipartisan hearing with witnesses both sides agreed to. We will hear from farmers on the front line about climate risks to the agriculture sector, the associated economic and budgetary costs, and the important steps that we can take to help mitigate them. As we’ve highlighted in this s… Continue Reading
06.01.23
IRS Cuts to Add $19 Billion to Deficit, CBO finds
Washington, D.C.-According to preliminary estimates by the nonpartisan Congressional Budget Office (CBO) provided to Senator Whitehouse (D-RI), Chairman of the Senate Budget Committee, Republicans' $21.4 billion in cuts to the Internal Revenue Service will result in $40.4 billion in lost revenue, thus increasing the deficit by $19 billion. The IRS cuts analyzed by CBO include the $1.4 billion in clawbacks that are part of the so-called "Fiscal Responsibility Act" and the additional $20 billion… Continue Reading
05.17.23
SEN. WHITEHOUSE: Republican Fixation on Giant Tax Cuts for Big Corporations and the Wealthy Drives Deficits
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, “The Rich Get Richer, Deficits Get Bigger: How Tax Cuts for the Wealthy and Corporations Drive the National Debt,” which highlighted how tax cuts for the wealthy and big corporations have been the largest driver of deficits over the past two decades. Chairman Whitehouse’s remarks, as prepared for delivery: Ranking Member Grassley,… Continue Reading
05.16.23
Extending Trump Tax Cuts Would Add $3.5 Trillion to the Deficit, According to CBO
Washington, D.C.—According to a report released today by the nonpartisan Congressional Budget Office (CBO), extending the Trump tax cuts would add $3.5 trillion to the deficit through 2033. Written at the urging of Senator Whitehouse (D-RI), Chairman of the Senate Budget Committee, and Senator Wyden (D-OR), Chairman of the Senate Finance Committee, the new report finds the Republicans’ policy priority is a half a trillion dollars more costly than previously estimated. House Republicans’ legis… Continue Reading
05.10.23
SEN. WHITEHOUSE: “THERE IS NOTHING INHERENTLY CONSERVATIVE ABOUT IGNORING 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 entitled, “Lessons Learned: Leadership Perspectives and Experience on the National Costs of Climate Change.” Chairman Whitehouse’s remarks, as prepared for delivery: Ranking member Grassley, members of the Committee, distinguished witnesses, guests: welcome to the Budget Committee’s eighth hearing examining the economic risks and bu… Continue Reading
05.04.23
SEN. WHITEHOUSE: MAGA REPUBLICAN HOSTAGE TAKING IS THE DEFINITION OF EXTREMISM
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 entitled, “The Default on America Act: Blackmail, Brinkmanship, and Billionaire Backroom Deals.” Chairman Whitehouse’s remarks, as prepared for delivery: Ranking Member Grassley, members of the committee, distinguished witnesses, and guests: This morning, we are here to examine Kevin McCarthy’s MAGA-infused, so-called “Limit, Save,… Continue Reading
05.03.23
SEN. WHITEHOUSE ON FOSSIL FUEL SUBSIDIES: “WE ARE SUBSIDIZING THE DANGER”
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 entitled, “Who Pays the Price: The Real Cost of Fossil Fuels.” Chairman Whitehouse’s remarks, as prepared for delivery: Ranking Member Grassley, colleagues, welcome to our seventh Committee hearing on the economic and budgetary perils of dependence on fossil fuels. We have heard testimony from non-partisan, knowledgeable industry le… Continue Reading
05.01.23
Senator Whitehouse on Impending June Default, Republican Hostage-Taking
Washington, D.C.—Today, Senator Sheldon Whitehouse (D-R.I.), Chairman of the Senate Budget Committee, issued the following statement after the Treasury Department announced its “best estimate” that the government will be unable to pay all its obligations as early as June 1 if the debt limit is not raised. The Congressional Budget Office similarly now projects “a significantly greater risk that the Treasury will run out of funds in early June” than it did in February. “Republicans’ failure to a… Continue Reading
04.24.23
WHITEHOUSE: CLIMATE CHANGE IS DRIVING UP HEALTH CARE COSTS, DRAGGING DOWN ECONOMIC GROWTH
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 entitled, “Under the Weather: Diagnosing the Health Costs of Climate Change.” Chairman Whitehouse’s remarks, as prepared for delivery: Ranking Member Grassley, members of the committee, witnesses, and guests, welcome to our seventh committee hearing. Today, we will continue our series on the economic costs of climate change, costs t… Continue Reading
04.20.23
WHITEHOUSE: “THIS DISASTER OF A PLAN IS A NONSTARTER”
WASHINGTON, D.C.—Today, Senator Sheldon Whitehouse (D-R.I.), Chairman of the Senate Budget Committee, issued the following statement after the release of Speaker McCarthy’s debt limit plan. “This disaster of a plan is a nonstarter. By eliminating clean energy tax credits and investments, House Republicans are rolling back our progress on the climate crisis and putting their fossil fuel megadonors over hundreds of thousands of clean tech workers—even in their own backyards. Their message is sta… Continue Reading
04.18.23
Credit Suisse Maintained Nazi-Linked Accounts into 21st Century, Subpoenaed Records Show
WASHINGTON, D.C.-Multiple reports shine a new light on Credit Suisse's historical servicing of Nazi clients and Nazi-linked accounts, which in some cases continued until as recently as 2020. The reports, released by the Senate Budget Committee on Holocaust Remembrance Day, detail a multi-year internal investigation by a forensic research firm retained by Credit Suisse and initially overseen by an Independent Ombudsperson who was inexplicably terminated by the bank during the course of the review… Continue Reading
04.18.23
WHITEHOUSE: DIFFERENT SET OF RULES FOR THE WEALTHY, WELL CONNECTED PRODUCES RIGGED, CORRUPTED, DEFICIENT TAX SYSTEM
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 entitled, “A Rigged System: The Cost of Tax Dodging by the Wealthy and Big Corporations.” Chairman Whitehouse’s remarks, as prepared for delivery: There are two sides to the budget: spending and revenues. While some colleagues only want to look at the spending side, the US has never run a modern-era balanced budget unless revenues… Continue Reading
04.07.23
Whitehouse Applauds IRS Plan to Crack Down on Wealthy Tax Cheats, Improve Taxpayer Services
Washington, D.C.—Today, Senator Whitehouse (D-RI), Chairman of the Senate Budget Committee, issued the following statement after the IRS unveiled its $80 billion multiyear spending plan to ensure big corporations and wealthy tax dodgers pay what they owe, improve customer service for everyday taxpayers, and close the tax gap. “The IRS, starved for resources, has long been unable to keep up with sophisticated wealthy and corporate tax evaders. Special interests have taken advantage, gaming th… Continue Reading
03.29.23
WHITEHOUSE: “TO AVOID THE WORST ECONOMIC DISRUPTIONS OF A CARBON BUBBLE, WE NEED AN ORDERLY TRANSITION TO ZERO-CARBON ENERGY”
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 entitled, “Left Holding the Bag: The Cost of Oil Dependence in a Low-Carbon World.” Chairman Whitehouse’s remarks, as prepared for delivery: Ranking Member Grassley, colleagues, welcome to the fifth Committee hearing in our series on the economic and budgetary havoc that climate change threatens to wreak. The last four hearings on … Continue Reading
03.22.23
WHITEHOUSE: CLIMATE CHANGE UPSETS INSURANCE MARKETS, CASCADES TO MORTGAGE AND HOUSING MARKETS
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 entitled, “Risky Business: How Climate Change is Changing Insurance Markets.” Chairman Whitehouse’s remarks, as prepared for delivery: We are here today for the fourth Committee hearing examining the budgetary perils associated with climate change. Today, we focus on the danger to the National Flood Insurance Program and private in… Continue Reading
