WASHINGTON, D.C. — Today, Joint Economic Committee Vice Chairman David Schweikert released the following statement after the U.S. Department of Treasury released the Monthly Treasury Statement for October 2024 which showed net outlays were $548.2 billion and net receipts were $326.8 billion, resulting in a deficit of $257.5 billion for the month.

“Wednesday's news that fiscal year 2025 started off with a $257.5 billion deficit demonstrates a blatant disregard for the government’s unbelievable overspending,” said Vice Chairman Schweikert. “Our tax revenues continue to be relatively strong… but it’s our spending, our spending is WAY up. While the Biden-Harris administration spends more of Americans’ hard-earned money and continues to add to our ballooning national debt, families are grappling with persistent inflation, up 20.7 percent, putting a severe strain on their pocketbooks. Allowing the sunset of Tax Cuts and Jobs Act (TCJA) provisions would impose higher taxes on American families and businesses. 

“Despite the Administration’s efforts to sell our current economy as robust, the reality is [gross public] debt outpaced economic growth by $915 billion last fiscal year. Meanwhile, hardworking families and businesses of all sizes are struggling to stay afloat due to this administration’s failed economic policies.  Building on TCJA’s foundation will supercharge the economy and give Americans the opportunities they deserve to succeed.

To get ahead of the curve, I have called for a hearing next week on Building on the Success of the Tax Cuts and Jobs Act: The 2025 Tax Policy Debate.” Details below

 

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TUESDAY: JOINT ECONOMIC COMMITTEE HEARING

Building on the Success of TCJA: The 2025 Tax Policy Debate

WASHINGTON, D.C. — The U.S. Congress Joint Economic Committee (JEC) will hold a hearing on Tuesday, November 19th titled Building on the Success of TCJA: The 2025 Tax Policy Debate to discuss the expiration of TCJA’s provisions.

The Tax Cuts and Jobs Act (TCJA) provided a blueprint for proven economic expansion by reducing the corporate rate, supporting small businesses, workers, and households, and incentivizing investment. To sustain and amplify these gains, Congress must continue and expand upon these policies by maintaining competitive corporate and small business tax rates, pursuing fiscal responsibility, and promoting innovation. By doing so, Congress can foster an environment where productivity, technological advancement, and economic resilience drive the next American economic boom, benefitting families, workers, and businesses alike. Through a commitment to pro-growth policies, the U.S. can remain a global economic leader and ensure lasting prosperity for future generations.

WHAT: “Building on the Success of TCJA: The 2025 Tax Policy Debate” hearing with Vice Chairman David Schweikert presiding.

WHERE: 210 Cannon House Office Building

WHEN: Tuesday, November 19 at 2:30 p.m. ET

WHO:     

The hearing will also be livestreamed on the JEC website here and on YouTube here.