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New Rules for Government Spending During High Inflation

This proposed bill aims to limit the increase in the budget deficit during periods of high inflation. It means the Senate will face greater difficulty approving new non-defense spending if such spending would increase the national debt while inflation is very high. The goal is to protect the value of money and the country's financial stability, which could impact the availability of funds for various public programs.
Key points
Introduces a rule making it harder for the Senate to approve new non-defense spending if it would increase the budget deficit.
This rule applies only when inflation (measured by the Consumer Price Index) exceeds 12% annually.
Overriding this rule will require a two-thirds vote from senators, making it difficult to achieve.
The goal is to prevent further growth of public debt during times when high inflation already burdens citizens' household budgets.
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Additional Information
Print number: 117_S_4251
Sponsor: Sen. Scott, Rick [R-FL]
Process start date: 2022-05-18