Preventing Runaway Inflation in Consumer Expenditures Act or the PRICE Act
This bill establishes a point of order that prohibits the Senate from considering legislation that would cause a net increase in outlays unless the Congressional Budget Office certifies that inflation is below 3%. The point of order may be waived by an affirmative vote of three-fifths of the Senate.
To establish a point of order against legislation that would cause a 
net increase in outlays unless the Director of the Congressional Budget 
          Office certifies that inflation is below 3 percent.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Preventing Runaway Inflation in 
Consumer Expenditures Act'' or the ``PRICE Act''.

SEC. 2. POINT OF ORDER AGAINST LEGISLATION THAT WOULD CAUSE A NET 
              INCREASE IN OUTLAYS UNLESS THE DIRECTOR OF THE 
              CONGRESSIONAL BUDGET OFFICE CERTIFIES THAT INFLATION IS 
              BELOW 3 PERCENT.

    (a) Point of Order.--It shall not be in order in the Senate to 
consider any bill, joint resolution, motion, amendment, amendment 
between the Houses, or conference report that would cause a net 
increase in outlays relative to the most recently published 
Congressional Budget Office baseline unless the Director of the 
Congressional Budget Office certifies (based on the most recent data 
available to the Director) that inflation, as measured in either the 
average of the annualized changes in the 3 most recently published 
monthly reports on the consumer price index for all-urban consumers 
published by the Bureau of Labor Statistics of the Department of Labor, 
or the previous year's unadjusted annual change in that index, is below 
3 percent.
    (b) Waiver and Appeal.--Subsection (a) may be waived or suspended 
in the Senate only by an affirmative vote of three-fifths of the 
Members, duly chosen and sworn. An affirmative vote of three-fifths of 
the Members of the Senate, duly chosen and sworn, shall be required to 
sustain an appeal of the ruling of the Chair on a point of order raised 
under subsection (a).
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PRICE Act
A bill to establish a point of order against legislation that would cause a net increase in outlays unless the Director of the Congressional Budget Office certifies that inflation is below 3 percent.
PRICE Act
Preventing Runaway Inflation in Consumer Expenditures Act
Sen. Lee, Mike