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New Government Spending Rules: Inflation and Deficit Protection.

This bill aims to curb public debt growth during periods of high inflation. It introduces a special rule making it harder to approve new non-defense government spending if it would increase the budget deficit while inflation is high. This is intended to protect citizens' purchasing power and national financial stability.
Key points
Makes it harder to approve new government spending that increases public debt when inflation exceeds 3%.
Applies to non-defense spending, affecting budgets across many public sectors.
The rule can only be waived with a two-thirds vote in the Senate, highlighting its significance.
Aims to protect citizens from the negative effects of rising debt and inflation, impacting prices and savings.
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Status:
Expired
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Additional Information
Print number: 117_S_4249
Sponsor: Sen. Scott, Rick [R-FL]
Process start date: 2022-05-18