JEC Chairman Schweikert on SCOTUS Tariffs Ruling, Need for Border Adjustment Tax
Joint Economic Committee Chairman David Schweikert had the following statement in response to today’s SCOTUS ruling. “As our nation’s spending continues to grow, we must be honest about the math... “To bring greater stability and competitiveness to our economy, and address tax arbitrage arising ...
Personal Income Up 0.33% in December, PCE Up 2.90% from Last Year; Economy Cooled in 2025
From November 2025 to December 2025, headline personal consumption expenditures (PCE) price index inflation was 0.36 percent, up from 0.21 percent in November. Core PCE price index inflation, which excludes food and energy prices, was also 0.36 percent, also up from November’s rate of 0.16 percent. ...
Trade Deficit Narrowed Slightly in 2025, Ending the year at $902 Billion down from $904 Billion in 2024
The total trade deficit in 2025 was $901.5 billion, down slightly (0.2%) from the $903.5 billion in 2024. In December, the U.S. ran a total trade deficit of $70.3 billion, up $17.27 billion from the November deficit of $56.8 billion, and is six percent below the 12-month average.
More than $1 Trillion in Debt Already Added this Fiscal Year
“We continue to hit new record highs for our national debt, exacerbating an already economic threat our nation faces,” said Rep. David Schweikert, Chairman of the Joint Economic Committee. “In this fiscal year alone, we have added more than $1 trillion, bringing the total to $38.647 trillion. As we...
Consumer Price Index Inflation Eased, Ends January at 2.39 Percent
The headline Consumer Price Index (CPI-U) eased slightly ending at 2.39 percent year over year in January, ending lower than expected. Core CPI, which excludes food and energy, was 2.50 percent year over year, compared to 2.64 percent in December.
January Closes with $94.62 Billion Deficit, Up to $696.99 Billion Deficit for FY2026
In January, the federal government ran a deficit of $94.615 billion. From the beginning of the fiscal year to January, deficits were $696.992 billion. This means 28.09 percent of outlays in FY2026 were not paid for by revenues, and for every dollar the federal government received in revenue, it spen...
130,000 Jobs Added in January, Unemployment Drops Slightly to 4.3%
In January, 130,000 jobs were added (+172K private sector jobs, and -42K government jobs), much stronger than the 48,000 jobs added in December and higher than the expected 68,000. The unemployment rate dropped slightly from 4.4 percent to 4.3 percent. Revised numbers from December show 2,000 fewer ...
National Debt Hits $38.56 Trillion, Increased $2.35 Trillion Year over Year, $6.43 Billion Per Day
As of February 4, 2026, total gross national debt is $38.56 trillion. Relative to one year ago, total gross national debt is $2.35 trillion higher; relative to five years ago, it is $10.70 trillion higher. Over the past year, the rate of increase averaged $6.43 billion per day, $267.76 million per h...
November Trade Deficit Increased to $56.8 Billion, Rising 95% From October
In November, the United States ran a total trade deficit of $56.8 billion, up $27.62 billion from October. The trade deficit is 27 percent below the 12-month average and 95 percent higher than October. In trade of goods, the U.S. ran a trade deficit of $86.90 billion, up $27.92 billion from October ...
State Inflation Data: Families’ Costs Rose $700 More Under Biden Than Over the Same Period Under Trump
New JEC Republican state-level analysis finds families experienced much smaller cost increases during the first year of the Trump Administration.