Oversight
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 trillion dollars more costly than previously estimated. House Republicans’ legis… 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
04.24.23
WHITEHOUSE: CLIMATE CHANGE IS DRIVING UP HEALTH CARE COSTS, DRAGGING DOWN ECONOMIC GROWTH
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, “Under the Weather: Diagnosing the Health Costs of Climate Change.” Chairman Whitehouse’s remarks, as prepared for delivery: Ranking Member Grassley, members of the committee, witnesses, and guests, welcome to our seventh committee hearing. Today, we will continue our series on the economic costs of climate change, costs t… Continue Reading
04.20.23
WHITEHOUSE: “THIS DISASTER OF A PLAN IS A NONSTARTER”
WASHINGTON, D.C.—Today, Senator Sheldon Whitehouse (D-R.I.), Chairman of the Senate Budget Committee, issued the following statement after the release of Speaker McCarthy’s debt limit plan. “This disaster of a plan is a nonstarter. By eliminating clean energy tax credits and investments, House Republicans are rolling back our progress on the climate crisis and putting their fossil fuel megadonors over hundreds of thousands of clean tech workers—even in their own backyards. Their message is sta… Continue Reading
04.18.23
Credit Suisse Maintained Nazi-Linked Accounts into 21st Century, Subpoenaed Records Show
WASHINGTON, D.C.—Multiple reports shine a new light on Credit Suisse’s historical servicing of Nazi clients and Nazi-linked accounts, which in some cases continued until as recently as 2020. The reports, released by the Senate Budget Committee on Holocaust Remembrance Day, detail a multi-year internal investigation by a forensic research firm retained by Credit Suisse and initially overseen by an Independent Ombudsperson who was inexplicably terminated by the bank during the cou… Continue Reading
04.18.23
Credit Suisse Maintained Nazi-Linked Accounts into 21st Century, Subpoenaed Records Show
WASHINGTON, D.C.-Multiple reports shine a new light on Credit Suisse's historical servicing of Nazi clients and Nazi-linked accounts, which in some cases continued until as recently as 2020. The reports, released by the Senate Budget Committee on Holocaust Remembrance Day, detail a multi-year internal investigation by a forensic research firm retained by Credit Suisse and initially overseen by an Independent Ombudsperson who was inexplicably terminated by the bank during the course of the review… Continue Reading
04.18.23
WHITEHOUSE: DIFFERENT SET OF RULES FOR THE WEALTHY, WELL CONNECTED PRODUCES RIGGED, CORRUPTED, DEFICIENT TAX SYSTEM
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, “A Rigged System: The Cost of Tax Dodging by the Wealthy and Big Corporations.” Chairman Whitehouse’s remarks, as prepared for delivery: There are two sides to the budget: spending and revenues. While some colleagues only want to look at the spending side, the US has never run a modern-era balanced budget unless revenues… Continue Reading
04.07.23
Whitehouse Applauds IRS Plan to Crack Down on Wealthy Tax Cheats, Improve Taxpayer Services
Washington, D.C.—Today, Senator Whitehouse (D-RI), Chairman of the Senate Budget Committee, issued the following statement after the IRS unveiled its $80 billion multiyear spending plan to ensure big corporations and wealthy tax dodgers pay what they owe, improve customer service for everyday taxpayers, and close the tax gap. “The IRS, starved for resources, has long been unable to keep up with sophisticated wealthy and corporate tax evaders. Special interests have taken advantage, gaming th… Continue Reading
03.29.23
WHITEHOUSE: “TO AVOID THE WORST ECONOMIC DISRUPTIONS OF A CARBON BUBBLE, WE NEED AN ORDERLY TRANSITION TO ZERO-CARBON ENERGY”
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, “Left Holding the Bag: The Cost of Oil Dependence in a Low-Carbon World.” Chairman Whitehouse’s remarks, as prepared for delivery: Ranking Member Grassley, colleagues, welcome to the fifth Committee hearing in our series on the economic and budgetary havoc that climate change threatens to wreak. The last four hearings on … Continue Reading
03.22.23
WHITEHOUSE: CLIMATE CHANGE UPSETS INSURANCE MARKETS, CASCADES TO MORTGAGE AND HOUSING MARKETS
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, “Risky Business: How Climate Change is Changing Insurance Markets.” Chairman Whitehouse’s remarks, as prepared for delivery: We are here today for the fourth Committee hearing examining the budgetary perils associated with climate change. Today, we focus on the danger to the National Flood Insurance Program and private in… Continue Reading
03.15.23
WHITEHOUSE: PRESIDENT’S BUDGET DECIDEDLY NOT FOR “CREEPY BILLIONAIRES AND FOSSIL FUEL OVERLORDS”
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 President's Fiscal Year 2024 Budget Proposal.” Chairman Whitehouse’s remarks, as prepared for delivery: Ranking Member Grassley, members of the Committee: Welcome. And a special welcome to our witness as well, Director Young, who I know has had a very busy past few weeks. We look forward to hearing your testimony… Continue Reading
03.14.23
CBO Analysis Blows Gaping Hole in Republicans’ Balanced Budget Pledge
Washington, D.C.—A new analysis from the nonpartisan Congressional Budget Office (CBO) torpedoes House Republicans’ promise to balance the federal budget while also making permanent the Trump tax cuts. In response to a request from Senator Whitehouse (D-RI), Chairman of the Senate Budget Committee, and Senator Wyden (D-OR), Chairman of the Senate Finance Committee, CBO examined how much federal spending would need to be reduced in order to achieve House Republicans’ stated goal of balancing th… Continue Reading
03.09.23
WHITEHOUSE: “Our cards are on the table. Unlike MAGA Republicans who are hiding their budget plan.”
Washington, D.C.— Senator Whitehouse (D-RI), Chair of the Senate Budget Committee, joined Senate Majority Leader Schumer (D-NY); Senator Murray (D-WA), Chairwoman of the Senate Appropriations Committee; Senator Wyden (D-OR), Chairman of the Senate Finance Committee; and Senator Van Hollen (D-MD) to discuss the President’s 2024 Budget Request. “As of today, our cards are on the table. Unlike MAGA Republicans who are hiding their budget plan. It’s time for them to level with the American people. … Continue Reading
03.08.23
WHITEHOUSE: PREVIEWS PRESIDENT’S BUDGET REQUEST
Washington, D.C.— Senator Whitehouse (D-RI), Chair of the U.S. Senate Budget Committee, joined Senate Majority Leader Schumer (D-NY) and Senate Appropriations Committee Chairwoman Murray (D-WA) to discuss the president’s budget request, which will be released Thursday, March 9, at noon. VIDEO: Senator Whitehouse discusses president’s budget, how Republicans are only here for the well-off and well-connected His remarks, as prepared for delivery: On Thursday, President Biden will deliver … Continue Reading
03.08.23
WHITEHOUSE: WILDFIRES ONE MORE WAY COSTS OF FOSSIL FUEL EMISSIONS HIT FEDERAL BUDGET
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, “A Burning Issue: The Economic Costs of Wildfires.” Chairman Whitehouse’s remarks, as prepared for delivery: Ranking Member Grassley, members of the committee, welcome. Last week, we examined the economic and budget consequences of sea level rise and ocean storms on our coastal communities. Today, we turn from coasts to … Continue Reading