The 2024 Inflation Reduction Act was an act that was proposed by Jesstopian President Jay Laylin on November 26, 2024, and was motioned for consideration by both the House and the Senate during the final weeks of the 83rd Congress. The act looks to reduce crippling inflation, naturally but quickly lower the cost of goods including gasoline, groceries, clothing and other goods necessary to survive. His proposal enacts several other budgetary restrictions as well to address inflation. The 2024 Inflation Reduction Act will require Congress to stop spending over a specified amount of funds in order to aid in ending inflation. It was signed into law on January 10, 2025.
History[]
On November 19, 2024, President Jay Laylin announced the 2024 Inflation Reduction Act, but didn't officially send the act in for consideration until November 26, 2024. The act will naturally decrease inflation but cutting wasteful spending, in cooperation with the Government Wasteful Spending Prevention Act.
Progression Through Congress[]
- On November 27, 2024, the bill was approved to be debated in the House, and a vote was deemed necessary on the bill. If it passes the House, the Senate will be next to vote on the act.
- December 3, 2024, House Speaker Gretchen LeWolf announced that the bill would not be voted on during the 83rd Congress and would therefore be voted on during the 84th Congress.
- On January 7, 2025, the House announced that it would bring the vote to the House floor on January 8, 2025.
- On January 8, 2025, the House held a vote on the act and it passed 299 to 212. It was referred to the Senate for their vote.
- On January 8, 2025 as of 9:30 AM, the bill is Awaiting Referral to the Senate.
- On January as of 12:00 PM, the bill was referred to the Senate for its vote.
- On January 10, 2025, as of 7:44 AM the Senate received the 2024 Inflation Reduction Act in the Senate Chamber.
- On January 10, 2025, as of 10:00 AM, the Senate begin its vote on the 2024 Inflation Reduction Act.
- On January 10, 2025, as of 10:25 AM, the Senate held a vote, and the act passed the Senate with 52 out of the 80 Senators voting in favor.
- On January 10, 2025, as of 11:05 PM, the Senate referred and sent the Act to the office of the President Of The United States Of Jesstopia, and was awaiting the signature of the President to enact the act into law.
Enacted[]
On January 10, 2025 at 11:30 PM, President Jay Laylin signed the act into law, effectively requiring Congress to reduce inflation by artificial means and must comply with the law.