WASHINGTON – U.S. Senators Tim Scott (R-S.C.) and John Thune (R-S.D.) introduced the Inflation Prevention Act (IPA) that would help combat inflationary spending. Due to record government spending over the last two years, many Americans are facing rapidly rising costs of consumer goods. This bill would bar legislation that would be estimated to increase inflation until the year-over-year inflation rate drops below 4.5 percent.
“American families cannot continue to endure the burden of skyrocketing costs of everyday goods brought on by reckless spending in Washington,” said Senator Tim Scott. “A sound financial future requires wise financial action now.”
“Our country is facing the highest level of inflation in nearly 40 years, and South Dakotans are paying more for food, utilities, and gas,” said Senator Thune.“I’m proud to join Sen. Scott in the fight to stop the Democrats’ reckless tax-and-spending spree, which would significantly worsen the already damaging inflation crisis.”
Joining Senators Scott and Thune are Senators Chuck Grassley (R-Iowa), Rick Scott (R-Fla.), Joni Ernst (R-Iowa), James Lankford (R-Okla.), Todd Young (R-Ind.), Marco Rubio (R-Fla.), Bill Hagerty (R-Tenn.), John Hoeven (R-N.D.), and Steve Daines (R-Mont.).
“From gas to groceries, Iowans and all Americans are paying higher prices because of record inflation stoked by irresponsible government spending. Our bill seeks to prevent Congress from pouring even more gasoline on the fires of inflation by restricting the ability of Congress to approve new spending while inflation remains historically high,” said Senator Grassley.
“Families are worried about the skyrocketing inflation our country is experiencing. We know that reckless government spending causes inflation, but President Biden and the Democrats have absolutely no plans to slow down spending or get our debt under control. It’s shameful. Congress needs to get real about the true cost on every American family that this wasteful spending brings and start acting responsibly. That’s why we must pass the Inflation Prevention Act. I look forward to my colleagues supporting this measure to stop reckless spending and getting our country back on the path to prosperity,” said Senator Rick Scott.
“President Biden’s policies continue to cause soaring inflation–the highest in forty years–pinching the pocketbooks of hardworking Iowans and making it harder for them to purchase everyday household items from groceries to gasoline. We must reign in the Democrats’ out of control spending, and this effort will take steps to ensure spendthrift lawmakers are held accountable for the impact their action have on everyday Americans,” said Senator Ernst.
“It’s clear that Democrats’ reckless spending approach to the pandemic has created the inflation crisis Oklahomans now face, especially after inflation hit a devastating 7% in December,” said Senator Lankford. “I have warned about the impact of out-of-control spending on our economy for years. Our proposal protects against federal over spending that makes inflation worse, helps make sure future emergency spending only moves forward when absolutely needed, and reins it in when the federal pork barrel buffet starts to roll toward inflation.”
“Under the Biden inflation crisis, inflation is at a 40-year high and working Americans are struggling to pay for the daily essentials. For months, Democrats have ignored the problem, blaming everything instead of their socialist spending agenda. The Inflation Prevention Act would ensure that the bills we are voting on in Congress do not make this problem worse,” said Senator Young.
“Everyday Americans could care less about a lot of the issues we have been discussing lately in the Senate,” said Senator Rubio. “What people are really worried about is the fact that it costs more to feed their families and put gas in their cars. People can’t get basic goods because grocery store shelves are empty. And rather than fixing the problem, the Biden Administration and Democrats in Congress are making things worse. This bill puts a few commonsense guardrails in place to curb reckless spending habits in Congress that threaten to create even more challenges for American families. That’s the kind of action we should be taking right now.”
“Inflation is a tax on all Americans and it is now the highest rate it has been in 40 years,” said Senator Hoeven. “The Inflation Prevention Act will prohibit legislation that worsens inflation. Prices are continuing to rise, and our bill will help prevent further harm to American consumers.”
This bill has also garnered support from several organizations including the National Taxpayers Union, Heritage Action, Americans for Tax Reform, FreedomWorks, and the Conservative Political Action Coalition (CPAC).
“Runaway inflation has hurt the pocketbooks of countless American families, especially low-income families, and it is critical that policymakers in Washington avoid making the situation worse. NTU is glad to support this resolution from Senators Tim Scott and John Thune, which would ensure that Congress does not pass legislation that increases inflation at a time of historically high inflation. We encourage all Senators to support this effort.” – Andrew Lautz, director of federal policy, National Taxpayers Union
“While Democrats try to bankrupt the country on a liberal wishlist of policies, everyday Americans are struggling to make ends meet because of the inflation that these very policies are causing. Senator Tim Scott is leading the fight against this reckless spending spree by introducing legislation to make it harder for the federal government to spend money unnecessarily at times of high inflation.” – Garrett Bess, vice president of Heritage Action
“Inflation is crushing American families and small businesses, costing the typical family thousands of dollars in 2021. President Biden and Congressional Democrats want trillions in tax increases and new spending that will only make this problem worse. Senators Tim Scott and John Thune should be applauded for pushing safeguards that ensure new legislation does not exacerbate this rampant inflation.” – Grover Norquist, president of Americans for Tax Reform
“The socialist Democrats in Congress have shown that they care little about hardworking Americans. As they continue with their unhinged spending, inflation is crippling the economy. At a time when people are hurting, Senator Tim Scott has stepped up to help by introducing a check on the reckless policies of the left. Senator Scott’s inflationary spending legislation will work to curb the socialists democrats as they continue to try to spend us into unsustainable debt.” – Matt Schlapp, chairman of CPAC
“Americans are hurting as prices rise on everything from gas to groceries. As the result of decades of out-of-control spending, inflation is wreaking havoc on hardworking Americans nationwide. Unfortunately, many in Washington have yet to receive the message that their irresponsible spending habits have devastating consequences. – Adam Brandon, president of FreedomWorks
Full text of the legislation can be found HERE.