Boyle Statement on May Fed Interest Rate Hike

May 3, 2023

WASHINGTON, D.C. — 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 25 basis point interest rate increase:


“With the partnership of Democrats in Congress, President Biden has delivered more jobs in two years than any president ever has in four,” said Ranking Member Brendan Boyle. “Raising interest rates too high and too fast puts this record job growth at risk. The FOMC’s action today is imprudent and only adds to the growing risks facing the economy.


“Perhaps the biggest of these risks is the threat of a MAGA manufactured debt default. It’s time for Speaker McCarthy to reassure markets – and more importantly, the American people – that Republicans will stop playing games and ensure the government pays its debts.”


According to Moody’s Analytics, House Republicans' Default On America Act would result in 780,000 fewer jobs by the end of 2024. Even worse, a prolonged default on America’s bills could kill over 7 million jobs. For additional information on the harmful impacts of the Default On America Act and the devastating repercussions of a Republican-forced default on communities nationwide, visit the new webpage featuring an interactive map released by the Democratic Staff of the House Budget Committee.