On the heels of new inflation numbers released today showing a 7.5% spike in inflation over the past year under the Biden and Democratic agenda—the largest increase since 1982—U.S. Senator Joni Ernst (R-Iowa) is putting forward a new measure requiring any bill from Congress to include a report on how it will impact inflation for the American people.

Ernst is introducing the PRICE Act—or the Providing Reports on Inflation Costs and Economic Impact Act—requiring all proposed spending by the federal government to include a report by the non-partisan Congressional Budget Office (CBO) detailing the impact on prices and paychecks.

“Hardworking Iowans are paying more and getting less under the reckless spending of the Biden administration and politicians in Washington. It’s past time these lawmakers, who are adding trillions to our debt and causing inflation to soar, are held accountable,” said Senator Joni Ernst. “The PRICE Act will give Iowans and all Americans a clear view of who in Washington is causing them to spend more at the grocery store, at the pump, and on their heating bills. If Congress is forced to understand the effects of their massive spending on hardworking Americans, they might think twice before passing additional pork-filled packages.”

“At my 99 county meetings, I often hear from Iowans frustrated by skyrocketing costs for gas, groceries and other everyday goods – a direct result of reckless spending policies by the Biden administration,” said Senator Chuck Grassley. “With inflation at a 40-year high, Democratic leaders ought to be transparent with the American people about how much their future spending proposals would fuel the flames of inflation. It’ll only get worse if they continue turning a blind eye to the inflation inferno that’s already burning up Iowans’ paychecks.”

Sarah Chamberlain, President of the Republican Main Street Partnership, said, “All across the country, people in Main Street America are seeing the rising costs of out of control inflation firsthand. Whether it’s higher prices at the pump, a bigger grocery store bill, labor shortages, or shipping delays, skyrocketing inflation is directly hurting every hardworking American family. The PRICE Act will ensure families are guaranteed transparency when it comes to their household incomes, and give an added layer of economic security that is so desperately needed right now.”

Jessica Anderson, Executive Director of Heritage Action, said, “In the same month that the national debt surpassed $30 trillion, the U.S. economy saw the largest inflation increase in 40 years. This is not a coincidence, as Congress’ inability to stop recklessly spending money is a major driver of this historic inflation. Senator Joni Ernst is fighting to hold Congress and the Biden administration accountable for this damaging spending spree by introducing legislation that will let the American people see how Congress’ and the Biden administration’s irresponsibility is degrading their wages and making it harder for them to get by.”

The PRICE Act is cosponsored by Senators Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Mike Braun (Ind.), Rick Scott (R-Fla.), and Marsha Blackburn (R-Tenn.).

Background:
Ernst has continued to highlight the impact of inflation on hardworking Iowans. On her 99 County Tour this year, Ernst has been visiting with small businesses, farmers, students, and other Iowans and has been hearing about the issues they’re facing as a consequence of the Biden administration’s reckless federal spending spree.

Earlier this year, Ernst used a “Price is Right” themed wheel on the Senate floor to discuss the skyrocketing rates of inflation and increased costs of consumer goods as a result of President Biden’s economic policies.

Ernst also helped introduce an amendment to the Senate Rules to require all bills passed by Senate committees to include inflationary impact statements, so Americans can see the true impacts of government spending.

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