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Inflation Prevention Act of 2023

Source: Congress.gov  ·  1,101 words in original text
This bill creates a rule that stops Congress from passing spending bills that would increase inflation, unless inflation is already below 4.5 percent. The rule applies to both the Senate and House of Representatives and covers bills, amendments and other spending proposals that provide new budget authority (money allocated to be spent).
Members of the Senate and House of Representatives are directly affected by this rule. The Congressional Budget Office gets new responsibilities under this bill.
• In the Senate, lawmakers cannot bring up spending provisions that would increase inflation unless the current inflation rate is 4.5 percent or lower (Sec. 2(a)(1)) • If a Senator challenges a provision under this rule and the challenge is upheld, that provision gets removed from the bill and cannot be offered as a floor amendment (Sec. 2(a)(2)) • In the House of Representatives, the same inflation rule applies to bills, amendments and conference reports that provide new budget authority (Sec. 2(b)) • When asked, the Congressional Budget Office must estimate whether a spending provision would increase inflation (Sec. 2(c)(1)) • The Congressional Budget Office must notify Congress whenever the inflation rate goes above 4.5 percent (Sec. 3(a))
Congressional rules will require lawmakers to check inflation rates before passing spending bills. Spending proposals estimated to increase inflation can be blocked and removed from legislation unless current inflation is 4.5 percent or lower.
Consumer Price Index for All Urban Consumers: a measure of inflation calculated by the Bureau of Labor Statistics that tracks price changes for goods and services in cities. New budget authority: money that is authorized to be spent.
Not specified in bill text
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.