Grassley Urges Biden Admin to Change Course on Spending Policies Following CBO’s Latest Budget Report

WASHINGTON – Senate Budget Committee Ranking Member Chuck Grassley (R-Iowa) today issued a statement on the non-partisan Congressional Budget Office’s (CBO) August review. As the end of the fiscal year (FY) approaches, this report paints a more holistic picture of how federal laws have contributed to the dismal economic conditions Americans are experiencing under the Biden administration. 

“At this rate, the Biden administration might as well be taking money straight from people’s pockets,” Grassley said. “Despite explicit signals that we need to change course, the Biden administration continues to conjure up bad policies that hurt Iowans and severely damage the fiscal health of our nation.”  

CBO's monthly reviews evaluate the impacts of recent law on various economic indicators, including the deficit. Today’s report clearly demonstrates the adverse effects of the Biden administration’s bait-and-switch spending policies. The president’s initial student debt transfer scheme would have added $330 billion to the deficit. Not only was the plan fiscally irresponsible, but it was also unconstitutional. As a result of the Supreme Court scrapping the costly proposal, CBO projected a slightly lower cumulative deficit this month than it did last. Even still, CBO estimates the deficit will total $1.7 trillion for FY2023. 

Read the Monthly Budget Review for August 2023 HERE