Sen. Mike Lee (R-UT) introduced the Preventing Runaway Inflation in Consumer Expenditures (PRICE) Act today. This bill builds upon Senator Lee’s budget amendment that received 49 votes during the August 2021 budget reconciliation process. The PRICE Act requires a 3/5 majority of Senators to approve new spending measures when the nation’s inflation rate is at or above 3%. Runaway federal spending has been a major contributor to current inflation, which is now charted as the highest rate in four decades.
This bill follows a report on inflation from Senator Lee’s Social Capital Project. The report shows that while nationally inflation is at 7.5%, in Utah and other Mountain West states, inflation is much higher at 9%. Nationally families pay an extra $385 a month due to inflation; in Utah, the average family pays an extra $511 a month due to increased inflation.
Of the bill and rising inflation Sen. Lee said, “Inflation is a hidden tax making life more expensive for and harder on Utah families. The federal government is largely to blame for this prolonged spike in the cost of living, and we must do more to restrain spending and give security to Utah families. I am committed to protecting the Utah way of life and keeping our communities affordable for hardworking Utah families. The PRICE Act will help do just that.”
Senator Rick Scott (R-FL) joins Senator Lee as a cosponsor.