U.S. Sens. Tim Scott (R-SC) and John Thune (R-SD) introduced legislation that seeks to combat inflationary spending.
Due to record government spending over the last two years, many Americans are facing rapidly rising costs of consumer goods.
The Inflation Prevention Act (IPA) 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,” Scott said. “A sound financial future requires wise financial action now.”
This bill has received support from several organizations, including the National Taxpayers Union, Heritage Action, Americans for Tax Reform, FreedomWorks, and the Conservative Political Action Coalition (CPAC).
“Our country is facing the highest level of inflation in nearly 40 years, and South Dakotans are paying more for food, utilities, and gas,” Thune said. “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.”
Sens. Chuck Grassley (R-IA), Rick Scott (R-FL), Joni Ernst (R-IA), James Lankford (R-OK), Todd Young (R-IN), Marco Rubio (R-FL), Bill Hagerty (R-TN), John Hoeven (R-ND), and Steve Daines (R-MT) also expressed support for the bill.