By Charles Kim | Friday, 21 January 2022 06:24 PM EST

Republicans in both the House and Senate have introduced a bill that would ban legislation that is estimated to raise inflation until the rate drops below 4.5%.

On the House side, the bill, known as the Inflation Prevention Act, was introduced Thursday by Rep. Mike Garcia, R-Calif.

”All across America, hardworking Americans are concerned with the rising costs of basic goods because of reckless government spending,” Garcia said in a press release. ”I am proud to lead my colleagues in Congress in introducing the Inflation Prevention Act to help alleviate the inflation crisis for American families through practical barriers limiting out-of-control government spending.

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