The U.S. government has reportedly spent nearly $4 trillion since President Joe Biden's inauguration in January 2021.
There are also reports of U.S. investors losing approximately $7.6 trillion in market value within the same timeline of Biden taking office.
But help is on the way, said Rep. Tony Gonzales, R-Texas, in the form of the Republicans controlling the House when a new Congress convenes on Jan. 3.
"I like to remind people: The power of the purse strings resides with the House," Gonzales told Newsmax Friday evening, while appearing on "Spicer & Co." with guest hosts Michael Grimm and Rita Cosby.
The way Gonzales sees it, the House Republicans — old and new — need to take decisive action in Congress right off the bat, enforcing a cap on the Democrats' exorbitant spending, which contributed to 40-year highs with inflation during the summer months.
"Republicans need to go on the offensive," said Gonzales, while touting proposed cuts with spending and creating a government that's "accountable" to the American people.
"There was nothing 'free' about free college," said Gonzales, when discussing Biden's executive order forgiving student-loan debt — a measure that was recently struck down by a federal judge.
Gonzales also said it's imperative for the House to prevent grim economic predictions — such as Moody's latest outlook for 2023 — from exacting a greater toll on the American taxpayer.
The Biden administration's economic outlook, compared to Moody's, "doesn't match up," said Gonzales, who recently won his reelection bid in Texas' 23rd Congressional District.
"The reality is that [Democrats] caused this inflation to occur, and all they've done is add more fuel to the fire. The Inflation Reduction Act did anything but reduce inflation," said Gonzales.
The Texas congressman also believes the Biden administration will continue to ignore the unrest at the U.S.-Mexico border in the coming year.
"That should be No. 1 on [Biden's] list," said Gonzales, while teasing that "change is coming" with the House Republicans investigating White House officials on their border policies.
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