WASHINGTON, D.C. – Inflation, fueled by runaway government spending, is at 8.5%, a forty-year high. At the same time, the federal debt has surpassed $30 trillion.
To combat these crises, Rep. Earl L. “Buddy” Carter (R-GA) today introduced the Paying America’s Inflationary Debt (PAID) Act, a bill that will take the over $100 billion in unspent American Rescue Plan dollars and use them to pay down our federal debt.
“Washington Democrats stole from our grandchildren to pass a third wave of so-called COVID-19 ‘relief’ funding, which incentivized unemployment and drove inflation to numbers unseen since the late 70’s,” said Carter. “This bill will redirect the money that was wastefully allocated towards left-wing proposals and use it in a fiscally responsible manner that puts money back in our pockets now and reduces the debt for future generations. The pandemic is over; it’s high time our economic policies reflected that.”
The bill is cosigned by Reps. Scott Perry (R-PA), Markwayne Mullin (R-OK), Clay Higgins (R-LA), Lauren Boebert (R-CO), Nancy Mace (R-SC), Ralph Norman (R-SC), Bill Posey (R-FL), Louie Gohmert (R-TX), and Byron Donalds (R-FL).
Read the full text of the legislation here.
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