Chairman Arrington Statement on Big and Beautiful GDP Report

Chairman Arrington Statement on Big and Beautiful GDP Report

WASHINGTON, D.C. - Today, House Budget Chairman Jodey Arrington (R-Texas) released the following statement in response to the Bureau of Economic Analysis' report showing third quarter gross domestic product growth of 4.3 percent, 1.1 percentage points above expectations.

"Joe Biden and Democrats handed President Trump and Republicans a battered and broken economy marked by the highest inflation in 40 years, ballooning interest rates, and anemic economic output.

"Today's Bureau of Economic Analysis report is unbiased proof that the pro-growth policies of the One Big Beautiful Bill along with President Trump's deregulation efforts, fair trade deals, and trillions in investment from our allies are laying the foundation for an economic renaissance.

"When President Trump took office, GDP growth was running below two percent. Today it stands at 4.3 percent-over twice the growth rate Biden left behind-while core inflation has fallen to a five-year low of 2.6 percent, roughly half of Biden's average inflation rate. At 4.3 percent, the economy would double in size in roughly 16 years if sustained.

"With inflation and interest rates coming down and economic growth and wages going up, Americans are putting more money in their pockets, families are getting much-needed relief, and our nation is moving on from the Democrats' era of un-affordability."