U.S. Senators Todd Young (R-Ind.), 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.
“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.
Joining Senators Young, Scott, and Thune are Senators Chuck Grassley (R-Iowa), Rick Scott (R-Fla.), Joni Ernst (R-Iowa), James Lankford (R-Okla.), Marco Rubio (R-Fla.), Bill Hagerty (R-Tenn.), John Hoeven (R-N.D.), and Steve Daines (R-Mont.).
“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.”
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).
Full text of the legislation can be found here.