Boyle Statement on Fed’s Interest Rate Pause

WASHINGTON, DC — Today, Pennsylvania Congressman Brendan F. Boyle, Ranking Member of the House Budget Committee, released the following statement after the Federal Open Market Committee (FOMC) announced a pause in interest rate increases:

“Today's decision is a win for working families, a win for small businesses, and a win for our economy. With inflation on the decline and more than 13 million jobs created since President Biden took office, pausing rate hikes is firmly in keeping with the Fed's dual mandate.

“While this decision will be a relief for American families, House Republicans are actively pushing policies to reverse our incredible progress, erase opportunities, and spike costs. Just weeks after they demanded devastating cuts to programs hard-working Americans rely on, extreme MAGA Republicans are launching the GOP Tax Scam 2.0 with retroactive tax giveaways for big corporations, handouts to the rich, and new favors for their special interest backers that would increase the debt by hundreds of billions of dollars. House Democrats will protect the historic investments we've made to fuel our manufacturing boom, create good paying jobs, and lower everyday costs for working families.”

After manufacturing another default crisis, House Republicans have returned to their tired playbook: bemoan the deficit, call for cruel cuts at the expense of working families, and then waste trillions on needless tax cuts for the wealthy and well-connected. House Republicans' ultimate goal to extend their 2017 Tax Scam could cost more than $2.5 trillion while providing about $175,000 in tax giveaways per year to the top 0.1 percent of households. Meanwhile, House Republicans' plan to slash vital investments well below the spending levels they just agreed to would slow the economy, risk recession, and slash everything from K-12 education and housing supports to infrastructure improvements and public health.  

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