Mike Garcia Introduces Bill to Combat Inflationary Spending
Introduces Inflation Prevention Act
Washington, January 20, 2022
Tags: Jobs and the Economy
Representative Mike Garcia (R-CA) introduced the Inflation Prevention Act (IPA) that would help combat inflationary spending. Americans are facing increasing costs of consumer goods because of record government spending over the last two years. In December, consumer prices rose by 7 percent, a nearly 40-year high. This bill would bar legislation that would be estimated to increase inflation until the year-over-year inflation rate drops below 4.5 percent.
“All across America, hardworking Americans are concerned with the rising costs of basic goods because of reckless government spending,” said Rep. Garcia. “I am proud to lead my colleagues in Congress in introducing the Inflation Prevention Act to help alleviate the inflation crisis for American families through practical barriers limiting out-of-control government spending. We must put an end to this now and get America back on track.”
Senator Tim Scott (R-SC) and Senator John Thune (R-SD) introduced companion legislation in the U.S. Senate. Reps. Rodney Davis (R-IL), Michelle Steel (R-CA), Young Kim (R-CA), David Valadao (R-CA), Glenn Grothman (R-WI), Nancy Mace (R-SC), William Timmons (R-SC), Jake LaTurner (R-KS), Randy Feenstra (R-IA), Steven Palazzo (R-MS), Bill Huizenga (R-MI), Barry Moore (R-AL), David McKinley (R-WV), and Alex Mooney (R-WV) have signed on as original cosponsors of the bill.
“Prices of everything from gas to food to used cars are rising fast thanks in part to the policies of President Biden and Democrats in Congress,” said Rep. Davis. “Democrats spent an extra $1.9 trillion last year and want to spend trillions more this year. Their reckless spending will only make the inflation problem worse. We can start to get inflation under control by turning off the spigot of any new federal spending. That’s why I’m introducing the Inflation Prevention Act with my good friend Congressman Garcia.”
“American families are tired of skyrocketing costs and paying more for almost everything, every day under the Biden Administration,” said Rep. Steel. “Until Washington gets its spending under control, inflation will continue to rise and it’s hard-working families that will continue to pay the price. I’m proud to support Rep. Garcia’s efforts to lower rising costs.”
“Americans are struggling to make ends meet as our 40-year high inflation raises prices of everyday goods, and in my home state of California, everything is more expensive. Unfortunately, Speaker Pelosi continues to push big-government, big-spending policies that are driving up inflation,” said Rep. Kim. “Policies from Congress should make life easier for American workers, families and businesses, not harder. I am proud to join Rep. Garcia and colleagues to lead the Inflation Prevention Act to help stop reckless federal spending. I’ll keep fighting for commonsense solutions.”
“Out-of-control government spending has brought disastrous consequences for American families. Grocery, gas, and utility costs are soaring as the Majority’s reckless policies lead to skyrocketing inflation,” said Rep. Valadao. “This legislation will give responsible members of Congress the much-needed opportunity to block excessive spending until this devastating inflation is resolved.”
“It’s long past time for the federal government to put an end to reckless spending, especially following a year in which inflation reached its highest level since 1982,” said Rep. Grothman. “The Inflation Prevention Act is a practical first step to help our country get its fiscal house in order. Thank you to Congressman Garcia for introducing this legislation that will help curb inflation and benefit working families across the country who are most affected by rising prices.”
“I hear from South Carolina families every day who are struggling with rising costs,” said Rep. Timmons. “From the grocery store to the gas pump, Americans are paying the price for record spending by Washington Democrats. Rising inflation is a real threat that we must get under control. I am proud to support the Inflation Prevention Act to stop Democrats’ reckless spending and return to responsible governing.”
"For the past year, hard-working Kansans have struggled to keep up with the highest inflation in four decades. Kansans have been forced to pay soaring prices for essential goods while they watched the value of their paychecks plummet,” said Rep. LaTurner. “The Biden Administration may not be feeling the negative impact of skyrocketing inflation within the walls of the White House, but out in the real world, it's hitting working class Americans the hardest. I'm proud to support the Inflation Prevention Act that puts Congress on the right path to providing much-needed relief to struggling families across the country.”
“Contrary to what Democrats have claimed for months, record-high inflation is not transitory and it’s hitting hardworking families in Northwest Iowa particularly hard. Prices for gas, groceries, and everyday household goods are through the roof because of Democrats’ wasteful spending priorities,” said Rep. Feenstra. “We can’t continue to print money, increase our debt, and ask Iowans to foot the bill. That’s why I’m proud to help introduce the Inflation Prevention Act so that we can actually get inflation under control, lower costs for Iowa families, and cut the pork out of liberal spending sprees.”
“I am proud to support the Inflation Prevention Act to help keep our federal government from creating a financial disaster that our nation cannot recover from. Inflation is already hurting Americans at the pump, at home, and as they try to feed their families,” said Rep. Palazzo. "Mississippians do not want to be charged for radical spending and poor leadership- if Democrats refuse to consider the expensive consequences of their actions, this legislation will.”
“Washington’s addiction to spending is having a negative impact on our economy and raising costs on families across Michigan and throughout the nation,” said Rep. Huizenga. “By preventing legislation from being enacted that would increase inflation, the Inflation Prevention Act takes a common sense, fiscally responsible approach to addressing out of control spending and inflation.”
“The historic inflation plaguing American families threatens to derail all hope of future economic recovery and must be fought with every tool we possess,” said Rep. Moore. “The Inflation Prevention Act would provide valuable and practical guardrails against overspending and abuse of taxpayer funds by Washington politicians. Runaway inflation depresses the wages and economic opportunities for Americans of all political beliefs in every corner of our country, and I hope both parties will treat this threat with the seriousness it requires.”
“Rising inflation is an unaffordable tax on American families, driving up the cost of food, gas, heat and just about everything else. The Biden Administration and Democrats’ reckless spending in Washington is making matters worse and increasing inflation,” said Rep. McKinley. “The Inflation Prevention Act would address this tax on families by restricting Democrats’ ability to spend and contribute further to out-of-control inflation.”
“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 John 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.”
Garcia’s legislation is endorsed by the Heritage Action, National Taxpayers Union, Americans for Tax Reform, and FreedomWorks.
“As Democrats continue to pursue a failed economic agenda that has worsened the most severe inflation crisis in 40 years, the bank accounts of the American people continue to bear the brunt of their poor policy decisions. Fortunately, Congressman Mike Garcia is taking action and introducing legislation to prevent the federal government from recklessly spending American tax dollars during times of high inflation,” said Garrett Bess, Vice President of Heritage Action.
"Historic levels of inflation have functioned as an unofficial tax on millions of American families, making it more difficult for many to afford basic necessities like food and gas. While there's debate over which policies will help reduce inflation, one thing all Members of Congress should agree on is that spending huge sums of new money financed by more government debt will likely make the inflation crisis worse. NTU is glad to support the Inflation Prevention Act from Representative Garcia and his colleagues, which would ensure that Congress doesn't further accelerate inflation with irresponsible spending bills," said Andrew Lautz, Director of Federal Policy at National Taxpayers Union.
“Americans are hurting as prices rise on everything from gas to groceries. As the result of decades of out-of-control spending, inflation is wreaking havoc on hardworking Americans nationwide. Unfortunately, many in Washington have yet to receive the message that their irresponsible spending habits have devastating consequences. Rep. Mike Garcia’s resolution to create a point of order against spending that would increase inflation is a rare statement in Washington that puts the well-being of the American people ahead of Congress’s dangerous spending addiction,” said Adam Brandon, President of FreedomWorks.
"Inflation is crushing American families and small businesses, costing the typical family thousands of dollars in 2021. President Biden and Congressional Democrats want trillions in tax increases and new spending that will only make this problem worse. Congressman Garcia should be applauded for pushing safeguards that ensure new legislation does not exacerbate this rampant inflation,” said Grover Norquist, President of Americans for Tax Reform.Garcia’s bill specifies that all inflationary estimates will be provided by the Congressional Budget Office (CBO) using the Consumer Price Index for all Urban Consumers. It instructs the CBO to make an analysis if requested by a Member of Congress.