Ranking Member Press
Budget Committee Ranking Member Merkley Statement on CBO Baseline
WASHINGTON, D.C. - Today, Oregon’s U.S. Senator Jeff Merkley - Ranking Member of the Senate Budget Committee - issued the following statement following the annual release of the Congressional Budget Office’s (CBO) Budget and Economic Outlook: “America’s working families are stretched thin. Over the past few years, inflation pushed the price of basic necessities like groceries and rent or mortgage payments sky high, and for many, wages are simply not keeping pace. Additionally, today’s CBO repor… Continue Reading
01.07.25
Private Equity in Health Care Shown to Harm Patients, Degrade Care, and Drive Hospital Closures
Washington, D.C. - Today, Senators Sheldon Whitehouse (D-RI) and Chuck Grassley (R-Iowa), in their respective capacities as Chairman and Ranking Member of the Senate Budget Committee during the 118th Congress, released a bipartisan staff report on the findings of their investigation into the ways in which private equity investment in health care has negative consequences for patients and providers. The Committee focused on two private equity firms—including the single-largest private equity in… Continue Reading
01.04.25
Senate Budget Committee Investigation into Nazi-Linked Credit Suisse Accounts Yields Extensive New Findings, Reveals Bank’s Historic Pattern of Obstruction
WASHINGTON, D.C. - Tens of thousands of documents uncovered as a result of a Senate Budget Committee investigation into Credit Suisse’s World War II-era accounts indicate extensive new evidence of previously unknown or only partially known Nazi-linked account holders. The bank failed to disclose these accounts during prior investigations. Senators Chuck Grassley (R-Iowa) and Sheldon Whitehouse (D-R.I.) spearheaded the investigation in their capacities as Budget Committee Ranking Member and Chair… Continue Reading
12.23.24
CBO Backs Key Committee Findings on Economic Costs, Systemic Risks of Climate Change
Washington, D.C.— Climate change is poised to increase prices for families, erode property values, and destabilize the entire economy, confirmed the nonpartisan Congressional Budget Office (CBO). In a new, wide-ranging report, published at the request of Chairman Sheldon Whitehouse (D-RI), CBO backed key findings from the Committee’s examination of the costs that climate change is imposing on consumers, the federal budget, and the economy. Climate upheaval is already raising costs for American… Continue Reading
12.18.24
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