In an exclusive press release given first to The Daily Wire, Senator Marsha Blackburn (R-TN) will be introducing the “Stop The Inflationary Spending Spree Act to increase the voting threshold from 60 votes to a 67 vote supermajority for spending packages during periods of high inflation.”
The proposed bill comes at a time when inflation under President Joe Biden has reached record highs. On Tuesday morning, the Department of Labor announced that wholesale prices have increased a record-setting 9.6% in year-over-year average.
“Tennesseans cannot afford the left’s endless spending spree,” Blackburn said in a statement. “Joe Biden’s radical economic agenda has resulted in decades-high inflation, and in return, the White House and Congressional Democrats have refused to slow their spending. The Stop The Inflationary Spending Spree Act will force them to work on bipartisan solutions instead of forcing through increased spending that will hurt our economy.”
The act would specifically “amend Senate Rule XXII to increase the voting threshold to two-thirds to invoke cloture on general appropriations bills during periods that the Consumer Price Index sits above 4.0%.”
Last week, several economists — including President Barack Obama’s advisor and President Bill Clinton’s for Treasury Secretary Larry Summers — warned that inflation was here to stay and that American consumers could expect to see rising costs over the next couple of years due in part to Biden’s proposed Build Back Better plan:
When asked during the interview if Biden’s multi-trillion-dollar leftist spending bill would worsen inflation, Summers responded, “I think the inflation rate would be slightly higher in 2022 and 2023 with the Build Back Better than it would be without the Build Back Better.”
Summers said that the latest Consumer Price Index (CPI), which was 6.8%, “confirmed” that the inflation that has erupted under Biden is “not transitory,” like the administration has tried to claim.
“And I think everybody recognizes now with the statements from Chairman Powell, with the statements from Secretary Yellen, that this isn’t going to just go away of its own accord,” Summers warned. “That the Fed’s going to have to take substantial action to control inflation … we put in motion for the first time in 40 years, excessive inflation, caused by overheating of the economy, and that’s going to have to be worked out of the system and that’s probably not going to be such an easy thing.”
According to Blackburn’s office, the Tennessee senator will be “joined on this legislation by Senators Roger Marshall (R-KS), Joni Ernst (R-IA), and Rick Scott (R-FL).”
To that extent, Marshall issued a statement in the release in part saying: “Inflation hurts everyone but none more than our seniors and young hard-working families living paycheck to paycheck. I’m proud to partner with my colleagues to introduce this legislation to halt Democrats’ out-of-control spending and restore a flourishing free market economy for the American people.”
Ernst of Iowa noted that the proposed bill would “force Congress to work together—across party lines—to rein in its out of control spending and address the rising costs that continue to punish hardworking families.”
Likewise, Scott added that “Congress should not pass laws that fuel inflation and raise prices on hardworking families.”
It is expected that the Stop The Inflationary Spending Spree Act will be introduced Tuesday afternoon.