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Washington, D.C. — U.S. Senators Marco Rubio (R-FL), Tim Scott (R-SC), John Thune (R-SD), and colleagues introduced the Inflation Prevention Act (IPA) to 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, and could only be waived with a three-fifths majority vote in the Senate.
 
“Everyday Americans could care less about a lot of the issues we have been discussing lately in the Senate,” Rubio said. “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.”
 
“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.”
 
“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.”
 
Click here for a full list of cosponsors and quotes.