Transcript: Home Funds Committee chairman Rep. Jodey Arrington on
The next is the transcript of an interview with Home Funds Committee chairman Rep. Jodey Arrington, Republican of Texas, that aired on “Face the Nation with Margaret Brennan” on March 30, 2025.
MAJOR GARRETT: We flip now to the Republican chairman of the Home Funds Committee, Texas Congressman Jodey Arrington, who joins us this morning from New Orleans. Mr. Chairman, nice to see you. Thanks for becoming a member of us. Within the final month, the Dow has misplaced 5.14% of its worth, the NASDAQ 8%, the S&P 6.2%. Client confidence, as you most likely are conscious, has dipped a bit within the final couple of months. How do you account for all of this?
REP. JODEY ARRINGTON: Properly, good morning to you Main. To begin with, core inflation is down. Mortgage charges are down just a bit bit. Meals and fuel costs are down. So you are going to have fluctuations in within the monetary markets, however we’re seeing that the basics are already having an affect on the price of residing, which I feel must be job quantity one in all this President, however you have received the tariffs, which I feel are important for our long run prosperity to have that reset, have that Honest and reciprocal commerce dynamic that does not exist at present. So transitioning from the final 4 years to a brand new administration with a brand new financial coverage agenda goes to have some changes that go together with it, and- however I feel on the finish of the day, you are going to have higher prospects for development. You are going to deliver down the costs and you are going to have higher prospects for our future, together with decreasing the debt to GDP, which, because the funds chairman, I can let you know, is totally unsustainable at this level and will bankrupt our nation.
MAJOR GARRETT: Mr. Chairman, one of many prime tariff advisers to the president, Peter Navarro, stated this morning that tariffs are tax cuts. Are they?
REP. ARRINGTON: Properly, in the long term, I feel having an unfair commerce dynamic on the present level is suppressing development. It is suppressing wages and suppressing job creation, so it has an antagonistic affect on our economic system. There is no method, Main, to reset the commerce dynamic that we have allowed to persist in an unfair method for thus lengthy with out some disruption. The President has been very clear about it, and he deployed the identical techniques. Now, again in his first administration, efficiently, we introduced China and others to the desk. We had a reset. We had new buy agreements, we had structural reforms, and we benefited. We had higher commerce exercise, we had higher financial exercise. And total, wages grew and life within the American economic system, and the standard of life for our fellow Individuals was higher, in order that transition has to occur, and the one particular person I’ve seen in my life and expertise in politics with the political braveness to do it has been President Trump, and I help him 100%.
MAJOR GARRETT: When you consider the funds and the method by which to finance tax cuts, both the prevailing ones or new ones, you are going to rely on tariff income, are you not?
REP. ARRINGTON: Properly, I feel we should always rely on decreasing spending that’s runaway, bankrupting ranges of spending at $2 trillion in annual deficits that can double within the subsequent 10 years. Half of that $2 trillion is curiosity on the debt that can greater than double within the subsequent 10 years. So, we’ve got a spending drawback. That deficit spending is driving World Struggle ranges of debt and can bankrupt the nation. So, I feel we should always offset the tax cuts with spending reductions and bend that debt to GDP. The income from tariffs might do two issues, speed up the discount of deficit to GDP and do what the President has stated he desires to occur on this America First agenda put our nation on a path to stability, however it will possibly additionally present tariff reduction like he did within the first administration for farmers in West Texas, for instance, with the market facilitation funds that took the sting out of the fallout from the early levels of the commerce battles, earlier than we had the reset for reciprocal commerce. So, I feel these are higher makes use of of tariff income, however I feel we have to deliver down spending. If we do not, then I do not know the way for much longer we’ve got earlier than, as Ray Dalio says, we will have an financial coronary heart assault, and it’ll undermine all the pieces.
MAJOR GARRETT: Let’s speak about spending for a second. As , Mr. Chairman, Medicaid is projected to extend 5.2% annually for the following 10 years. Home Republicans have voted for $880 billion in cuts over 10 years. You and I each know you do not have to argue with me about it, that it might be a discount of the long run development, not a pure reduce, however in case you lose a service as a Medicaid recipient, that is most likely a distinction with no distinction. Are you able to say that when this all will get executed, alterations to Medicaid is not going to change the best way individuals entry that program and the well being providers they obtain from it?
REP. ARRINGTON: Main, I am going to do higher. I feel if we do not make these adjustments, this program and the federal funds usually isn’t sustainable, as a result of we’re permitting states and native organizations to siphon a whole bunch of billions of {dollars} away from the Medicaid beneficiary and the Medicaid program. We additionally that is the one means examined program that does not have work necessities for able-bodied adults. We even have a Medicaid program due to the Obamacare enlargement and the enlargement inhabitants of able-bodied adults, the place the federal authorities supplies 90 cents on each greenback match for that inhabitants, however the preponderance of Medicaid beneficiaries, the blind, the disabled, the poor, the sickest amongst our fellow residents, get about 60% to 65% So all the healthcare system is oriented across the 90% the in a position bodied adults, they usually’re not offering the identical entry, which is to the- to the standard Medicaid, which is why the outcomes are taking place. So, there’s numerous methods to reorient the system, to make it extra environment friendly, to root out waste and fraud, and it is properly over the $800 billion. It is common sense, easy, and you do not have to the touch a dime of the advantages.
MAJOR GARRETT: Mr. Chairman, in a short time, the President advised NBC he “could not care much less if overseas automakers raised costs.” Do you care?
REP. ARRINGTON: What I care about is that our staff and producers on this nation are competing head-to-head with China and each different competitor nation that we enable their mark their merchandise to come back in our markets, open and free, they usually do not, they tax our merchandise, and it is hurting our staff. It is hurting our financial output, and we want a reset, and so there is no strategy to get to that dynamic, that reciprocal commerce association, with out the powerful negotiation techniques of President Trump. He was profitable within the first time period. We did not create financial chaos. We did not even have a lot of inflation. In actual fact, the economic system was roaring. We had extra jobs, extra individuals out of poverty. That is what is going on to occur. And I help the president, and he has to show that he’s dedicated to this, and I consider he’s, and I feel that is necessary if we will get to the opposite facet of this.
MAJOR GARRETT: Home Committee- Funds Committee Chairman Jodey Arrington of Texas. Thanks very a lot, sir. I respect it.
