[Congressional Record Volume 168, Number 62 (Thursday, April 7, 2022)]
[Senate]
[Page S2096]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. REED (for himself, Mr. Whitehouse, Mrs. Feinstein, and Mr. 
        Merkley):
  S. 4060. A bill to amend the Internal Revenue Code of 1986 to provide 
for inflation rebates, and for other purposes; to the Committee on 
Finance.
  Mr. REED. Mr. President, today I am introducing the Food and Fuel 
Family Savings Act, FFFSA, along with Senator Whitehouse, Senator 
Feinstein, and Senator Merkley. Price increases, particularly for basic 
necessities like food and gas, are weakening household buying power and 
cutting family budgets across the country. Americans are struggling, 
and it is critically important that we both address the long-term 
factors driving inflation and support the millions of families facing 
higher prices right now. That is why we are introducing this 
legislation, which would provide eligible individuals and families with 
debit cards to cover higher food and fuel prices in the short term and 
help tame inflation in the medium and long term.
  A number of factors are driving our current bout of inflation. 
Pandemic-driven supply chain snarls, a surge and shift in demand 
towards goods, and corporate consolidation have created an imbalance 
between supply and demand. Energy prices have risen particularly 
quickly, as OPEC limits output and oil companies refuse to invest in 
domestic production to meet growing demand. Russia's invasion of 
Ukraine has also decreased global oil, fertilizer, and wheat supplies, 
moving prices higher for food and energy. These wide-ranging pressures 
pushed the Consumer Price Index up 7.9 percent in February--its fastest 
increase in 40 years.
  Hard-working Americans are not at fault for these global price 
pressures. Yet, these households, which often put a large share of 
their income towards basic necessities, are being forced to bear the 
burden of higher costs. Indeed, U.S. grocery prices rose 8.6 percent in 
February, the largest annual increase in over 40 years, and U.S. gas 
prices were up a whopping 38 percent. While the wealthiest Americans 
can afford more expensive everyday goods, higher prices erode working 
families' buying power and can force them to delay or reduce critically 
needed purchases. We need to help them.
  Our bill would take the burden off the shoulders of working Americans 
by providing targeted relief to low- and moderate-income individuals 
and families. It would provide eligible households with debit cards 
loaded with $600 per family member that work exclusively at grocery 
stores and gas pumps. The average American household would receive 
$1,500. Using estimates from Bloomberg economists, this payment should 
cover the additional $183 the average family will spend each month on 
food and fuel for the rest of 2022. In other words, our legislation 
would ensure households can put food on the table and gas in the car 
this year.
  Importantly, this fiscally responsible legislation is fully paid for. 
In fact, offsets would pay for the cost of the debit cards and slash 
the deficit by hundreds of billions of dollars. More than that, it 
would tamp down inflation in the medium and long term. Indeed, this 
bill would help families weather today's inflation while cooling price 
increases in the years ahead.
  Congress must continue working on other measures to foster a 
stronger, more resilient postpandemic economy. Our legislation would 
aid these long-term efforts while providing Americans the financial 
help they need right now.
  I urge our colleagues to join us in supporting this important 
legislation.
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