Today, thousands of supporters from across the country gathered at the White House as President Biden celebrated the Inflation Reduction Act, a sprawling new law that aims to lower prescription drug costs, address global warming, raise taxes on some billion-dollar corporations and reduce the federal deficit. “This bill cuts costs for families,” Biden said as he and fellow Democrats are trying to promote the bill in advance of the November midterm elections, citing it as evidence that their party can get important things done in Washington.
Hours ahead of the event, a new government inflation report showed that consumer prices remained stubbornly high in August but included numbers to which both Democrats and Republicans can point as they argue over stewardship of the economy. Data showed August prices rose 8.3 percent compared to the year before. That’s down from previous months. At the same time, prices in August climbed 0.1 percent compared with the month before. Many economists had expected a drop in that figure.