Washington, D.C. - Sen. Mike Lee (R-UT) sought passage of his Preventing Runaway Inflation in Consumer Expenditures (PRICE) Act as a part of his continued effort to counter rising inflation.  Utah families are feeling the pains of inflation more acutely than those from almost all other states.  This week’s Consumer Price Index grew beyond expectations placing inflation at a staggering 9.1% nationally.  Sen. Lee’s PRICE Act would require a three-fifths supermajority vote in the Senate to pass new spending measures when inflation is deemed to be above 3% nationally.  This bill constitutes a pillar of Lee’s detailed plan to fight inflation.  Government spending, especially deficit spending, is considered a major contributor to inflation.

Sen. Lee delivered floor remarks and asked that the Senate unanimously pass the PRICE Act.  While the proposal was objected to and accordingly did not pass, Sen. Lee committed to continue his efforts to pass the PRICE Act and to enact the other provisions of his plan to fight inflation.

Sen. Lee said of the bill, “The PRICE Act is desperately needed. This insatiable spending machine is now costing Utahns 881 dollars a month more than they paid last year, and that’s on top of what they already pay in taxes.” Lee continued, “Congress has become the trust fund baby that doesn’t understand the value of a dollar. The PRICE act is the recognition that sometimes you need to take away the credit card.”

For video of Lee’s remarks, click HERE.

For text of Lee’s remarks as prepared, click HERE.

For a one-pager of the PRICE Act, click HERE.