Inflation Reduction Act celebration an 'insult': Sen. Braun
Sen. Mike Braun (R-Ind.) of the Budget Committee joins 'The Story' from the Capitol Rotunda to critique Tuesday's planned Biden White House celebration with musician James Taylor in the midst of skyrocketing inflation.
House Speaker Nancy Pelosi struggled with her audience Tuesday while giving a speech on the White House lawn to celebrate President Biden’s signing of the Inflation Reduction Act.
Appearing alongside Senate Majority Leader Chuck Schumer, Pelosi said the "landmark law," which Biden signed last month, is "driving down costs for kitchen table items for America’s working families."
Senate Majority Leader Chuck Schumer of N.Y., listens as House Speaker Nancy Pelosi of Calif., speaks during an event where President Joe Biden will sign H.R. 5376, the Inflation Reduction Act of 2022. (AP Photo/Andrew Harnik)
"Mr. President, thank you for unifying and inspiring a vision of a stronger, fairer, safer future for all our children. Your extraordinary leadership has made this glorious day possible," Pelosi said.
After a brief moment of silence, Pelosi told the audience "that’s an applause line," eliciting claps from the spectators.
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"And let us salute Leader Schumer (and) his colleagues in the Senate for their extraordinary leadership and the success in bringing this bill to the floor," Pelosi said.
Schumer then interjected with: "That’s an applause line!"
President Biden later addressed the crowd to celebrate last month's passage of the Inflation Reduction Act, even as a new government report showed how hard it could be to bring surging prices down near pre-pandemic levels.
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Tuesday's economic report — inflation at 8.3% year-to-year, though just 0.1% from July to August — was a harsh reminder of how difficult it might be to hit the Federal Reserve's inflation target of 2% a year. Even as gasoline prices have declined since June, the costs of housing and food remain especially high in a way that suggests further Fed rate hikes and more economic pain to bring down prices.
The Associated Press contributed to this report.
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