Year-over-year April inflation numbers released this week are at 8.5 percent – marking a 45-year high. And according to national reports, this latest number follows several months of inflation hitting 40-year highs. The month-over-month inflation rate between March and April was at 0.3 percent, and reports indicate that number is above expectations but below the rate seen in other recent months. At the same time, the federal debt has surpassed $30 trillion.
To combat these crises, Georgia Congressman Buddy Carter (R-GA-01) introduced the Paying America’s Inflationary Debt (PAID) Act late this week, a bill that will take the over $100 billion in unspent American Rescue Plan dollars and use them to pay down the country’s federal debt.
U.S. Rep. Buddy Carter
“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 would rescind certain funding appropriated under the Biden Administration’s American Rescue Plan Act of 2021. The rescinded funding would include:
● Fund for State, territories, tribal, and local governments under section 602 or 603 of the Social Security Act
● Emergency rental assistance
● State small business credit initiative under the State Small Business Credit Initiative Act of 2010
● Federal Transit Administration grants
● Coronavirus Capital Projects Fund under section 604 of the Social Security Act
● Global response funds
While Carter took the lead on the bill, it is co-signed 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).
