March 07, 2024

Manchin, Tillis Lead Effort To Require Inflation Estimates On All Bills Introduced In Congress

Washington, DC – Today, U.S. Senators Joe Manchin (D-WV) and Thom Tillis (R-NC) introduced the bipartisan Informed Lawmaking to Combat Inflation Act, which would require the Congressional Budget Office (CBO) to provide inflation estimates for bills introduced by Congress. Currently, the CBO is responsible for issuing estimates for how legislation being considered by Congress would impact direct spending, revenues and the federal deficit, but is not required to measure the inflationary impacts of bills.

“I’m proud to introduce the Informed Lawmaking to Combat Inflation Act with Senator Tillis, which would improve transparency in federal spending. Our bipartisan bill would require the Congressional Budget Office to inform Congress on the inflationary impacts of potential legislation so that we can have a more precise understanding of how policies will affect our country’s economic outlook,” said Senator Manchin. “I encourage my colleagues on both sides of the aisle to support this commonsense bill as a critical step in ensuring our legislative process is fiscally sound.”

“Congress must take into account the economic realities of inflation when considering any new legislation,” said Senator Tillis. “This legislation requires the CBO to provide estimates for how certain legislation will impact inflation, giving lawmakers a clearer understanding of how their policy decisions will impact constituents.”

Companion legislation was introduced in the House by Representatives Ashley Hinson (R-IA), Wiley Nickel (D-NC), Brad Finstad (R-MN) and Henry Cuellar (D-TX).

The full text of the legislation is available here.