Biden celebrates Inflation Reduction Act as stocks tumble on latest data

WASHINGTON, D.C. -- Hundreds of people from across the country joined President Joe Biden as he celebrated the Inflation Reduction Act at the White House Tuesday.

The expansive new law covers several major priorities for the President, including lowered prescription drug costs, reducing the federal deficit, addressing global warming and raising taxes for corporations.

Biden and his fellow democrats are working hard to keep Americans focused on the law ahead of the midterm elections, saying it cuts costs for families.

However, just ahead of the celebration Tuesday, a new federal report shows prices stuck at higher levels. Consumer prices rose 8.3% in August. Many economists predicted prices would drop.

On a monthly basis, consumer prices rose 0.1% from July. Despite falling gas prices, the cost of rent, health care, food, and other goods continue to increase. That’s affecting Americans with not much wiggle room in their budgets.