Mandatory Inflation Impact Assessment for Major Congressional Spending Bills.
This law requires the Congressional Budget Office (CBO) to estimate how major legislative proposals (those significantly impacting GDP) will affect inflation and the cost of living. The goal is to ensure Congress makes fully informed decisions regarding potential price increases, thereby protecting citizens' purchasing power. Consideration of major legislation is blocked until this inflation assessment is published.
Key points
Congress must obtain and publish an inflation forecast from the CBO before considering any major budget legislation.
"Major legislation" is defined as any bill with an annual budgetary effect exceeding 0.25% of the US Gross Domestic Product (GDP).
The CBO assessment must specify the measurable impact on consumer price indices (CPI/PCE) in both the short and long term.
The measure aims to increase accountability and transparency in lawmaking to prevent unknowingly contributing to rising living costs.
Expired
Citizen Poll