Chairman's Press

08.17.23

Credit Suisse Failed to Fully Investigate Nazi-Linked Accounts, Full Report Confirms

WASHINGTON, D.C. – Persistent and bipartisan oversight by the Senate Budget Committee has exposed new details that show Credit Suisse’s internal investigation into its servicing of Nazi clients and their enablers was insufficient, allowing the bank to continue to obscure details of its historic servicing of Nazi clients and their enablers.  Pursuant to subpoena, the Budget Committee obtained records, which it released in April 2023, that brought to light new evidence … Continue Reading


08.03.23

Sen. Whitehouse: “It is a straight line from Republicans’ manufactured debt crisis to Fitch’s downgrade”

WASHINGTON, D.C.— Senator Sheldon Whitehouse (D-RI), Chairman of the Senate Budget Committee, issued the following statement on the recent decision by Fitch Ratings.  “It is a straight line from Republicans’ manufactured debt crisis to Fitch’s downgrade. Years of Republicans’ debt limit brinkmanship, showering billionaires with tax giveaways, and campaigning for economic default have come with a heavy price.  Once again, Americans are being stuc… Continue Reading


07.28.23

NEWS: New GAO Report Finds Retirement Savings Stagnate for Middle-Class Americans, While the Wealthy See Huge Gains

WASHINGTON, D.C. - According to a new report-commissioned in 2020 by Senators Bernie Sanders (I-Vt.), Chairman of the Health, Education, Labor, and Pensions Committee, and Sheldon Whitehouse (D-R.I.), Chairman of the Committee on the Budget, and released yesterday by the Government Accountability Office (GAO)-the gap in retirement account balances between middle- and high-income older households more than doubled from 2007 to 2019. While the median account balance for high-income older household… Continue Reading


07.27.23

Phillip Swagel Reappointed as Director of Congressional Budget Office

Today, House and Senate leadership re-appointed Dr. Phillip Swagel to a second four-year term as Director of the nonpartisan Congressional Budget Office (CBO). As required by the Congressional Budget Act, the appointment was made jointly by Speaker of the House Kevin McCarthy (R-CA) and President Pro Tempore of the Senate Patty Murray (D-WA), upon the joint recommendation of House Budget Chairman Jodey Arrington (R-TX) and Senate Budget Committee Chairman Sheldon Whitehouse (D-RI). "Dr. Swagel… Continue Reading


07.26.23

Sen. Whitehouse: Climate change is placing unprecedented strain on our nation’s infrastructure

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 "Beyond the Breaking Point: The Fiscal Consequences of Climate Change on Infrastructure." Chairman Whitehouse's remarks, as prepared for delivery: Ranking Member Grassley, members of the committee, witnesses, and guests, welcome to the tenth in our series on the enormous economic dangers of climate change to the federal b… Continue Reading


07.20.23

House Republicans’ Cuts Would Cost Jobs, Slow Economic Growth, CBO Finds

Washington, D.C. - Reneging on the bipartisan budget agreement that was signed into law to avoid a catastrophic default, House Republicans are proposing cuts to Fiscal Year 2024 spending bills that would cost a half a million jobs and reduce GDP growth by $138 billion next year, according to analysis published today by the nonpartisan Congressional Budget Office. The analysis was requested by Senator Sheldon Whitehouse (D-RI), Chairman of the Senate Budget Committee.Although President Biden sign… Continue Reading


07.12.23

Sen. Whitehouse: We can protect Social Security for all without cutting benefits

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 "Protecting Social Security for All: Making the Wealthy Pay Their Fair Share." Chairman Whitehouse's remarks, as prepared for delivery: Since the start of this Congress, my distinguished ranking member and many of the Republican members of this Committee have insisted we should focus only on rising debt and deficits. Be… Continue Reading


07.11.23

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 trilliondollars more costly than previously estimated.  House Republicans’ legisl… 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

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