Chairman Schweikert Hosts Innovation Sandbox Roundtable at Hoover
Chairman David Schweikert convened a Joint Economic Committee roundtable at the Hoover Institution at Stanford University to examine how regulatory sandbox pilot programs can reduce barriers to innovation, facilitate responsible experimentation, and inform more effective regulatory policy. The round...
National Debt Hits New Record at $40.047 Trillion, JEC Chairman Calls Inaction ‘Immoral’
“Our nation faces a dangerous fiscal trajectory that threatens the promise of a better tomorrow for future generations, as well as current retirees. We are rapidly approaching the point where interest payments on the national debt will consume most of the federal spending. Our debt is quickly switch...
July Closes with $432 Billion Deficit, Largest Monthly Deficit Since March 2021
In July, the federal government ran a deficit of $432.308 billion, the largest monthly deficit since March 2021. From the beginning of the fiscal year to July, deficits were $1.799 trillion. This means 28.62 percent of outlays in FY2026 were not paid for by revenues, and for every dollar the federal...
Consumer Price Index Up Slightly in July by 0.07 Percent, In Line with Projections
Headline Consumer Price Index (CPI-U) increased by 0.07 percent in July and rose to 3.36 percent over the past year. Core CPI, which excludes food and energy, increased 0.22 percent in July and rose to 2.48 percent over the past year.
23K Jobs Lost in July as Unemployment Rate Ticks Down
In July, jobs decreased by 23,000 jobs (+30K private sector, -53K government), well off expectations. However, at the same time, the unemployment rate decreased by 0.1 percentage points to 4.1 percent while the labor force participation rate decreased by 0.1 percentage points to 61.4 percent. The br...
National Debt Reaches $39.83 Trillion, Increased $2.88 Trillion Year over Year Increasing at an average rate of $91,549 per Second
As of August 7, 2026, total gross national debt is $39.83 trillion. Relative to one year ago, total gross national debt is $2.88 trillion higher; relative to five years ago, it is $11.40 trillion higher. Over the past year, the rate of increase averaged $7.91 billion per day, $329.58 million per hou...
Trade Gap Contracted in June, Ends 18 Percent Above 12-Month Average
The total trade deficit in June was $73.26 billion, down $4.39 billion from May and 18 percent above the 12-month average. In trade of goods, the U.S. ran a trade deficit of $102.11 billion, down $3.86 billion from May and 13 percent above the 12-month average. In trade of services, the U.S. ran a t...
Headline Personal Income Up Slightly in June, Spending Increases, GDP Slows
From May to June, headline personal consumption expenditures (PCE) price index inflation was 0.40 percent, slightly below the 0.45 percent from April to May and even with the 0.40 percent from March to April. Core PCE price index inflation, which excludes food and energy prices, was 0.13, down from ...
June State Unemployment Fell in 30 States, Remained Unchanged in 14, and Increased in 7
The Joint Economic Committee released its monthly State Employment Update, outlining the employment situation in all 50 states and the District of Columbia. In June, among the 50 states and the District of Columbia unemployment fell in 30, rose in 7, and remained unchanged in 14. The highest unemplo...
Consumer Price Index fell 0.42 percent in June, Biggest Monthly Decline in Six Years
Today, the Joint Economic Committee released its Monthly Inflation Update for June, showing that consumer prices continued to rise, but at a slower rate than anticipated. Headline Consumer Price Index (CPI-U) dropped by 0.42 percent in June and rose to 3.53 percent over the past year. Core CPI, whic...