A group of Republican Senators is backing legislation meant to block lawmakers from approving inflationary spending during periods when the annualized increase in the consumer price index exceeds 4.5%.
“In the Senate, it shall not be in order to consider a provision in a bill, joint resolution, motion, amendment, amendment between the Houses, or conference report that provides new budget authority and that is estimated to result in an increase in the Consumer Price Index for All Urban Consumers, as published by the Bureau of Labor Statistics, unless the annualized rate of increase in the Consumer Price Index for All Urban Consumers most recently published by the Bureau of Labor Statistics is not more than 4.5 percent,” the text of the bill states.
“In the Senate, this section may be waived or suspended only by an affirmative vote of three-fifths of the Members, duly chose and sworn,” the bill also states.
The U.S. Bureau of Labor Statistics released a new consumer price index report on Wednesday which showed a whopping 7% increase in the all-items index.
“The all items index rose 7.0 percent for the 12 months ending December, the largest 12-month increase since the period ending June 1982,” BLS reported.
As the government has engaged in massive spending, Americans have suffered the devastating economic consequences of spiking inflation.
The bill is backed by Sens. Tim Scott (R-S.C.), John Thune (S.D.), 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,” Sen. Grassley said in a statement.