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Have Cbo Issue Inflation Projections

Floor Speech

Date: June 25, 2021
Location: Washington, DC
Issues: Government Budget and Spending

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Mr. MEUSER. Madam Speaker, the American people deserve to know the true cost of government spending.

Last month, working families adjusted their budgets around a 5 percent jump in prices, an effect of the $1.9 trillion American Rescue Plan that many economists predicted would occur.

Despite these predictions coming true, many Democrats--not all, I hope--are eager to use the same partisan budget reconciliation process again to spend even more.

That is why I have introduced the Stop Inflationary Spending Act to require the nonpartisan Congressional Budget Office to project the inflationary impact of reconciliation bills. This would mean the American people would know the impact on their family budget before Democrats use a partisan process to spend $6 trillion on unaffordable initiatives that dramatically increase the role of government in their lives and constrain growth in the real economy, which is the private- sector innovators, entrepreneurs, and hardworking people.

Madam Speaker, inflation is a tax on everyone. When inflation was a significant concern in the 1980s, CBO issued inflationary projections for individual bills. Restoring this practice for reconciliation bills that spend big is a commonsense reform.

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