President Biden joined top Democratic leaders Tuesday in cheering the passage of his historic climate, health and spending package.
Taking a victory lap for a key part of his domestic agenda, Biden called the Inflation Reduction Act a major win for American workers and families — and the planet.
“With this law the American people won and special interests lost,” Biden told thousands of jubilant supporters.
The event came hours after a government report revealed that inflation did not ease nearly as much as economists had predicted, sending stock markets plunging in the worst trading day since June 2020. The Dow dropped 1,276 points, or nearly 4%. The S&P also plunged 4% while the Nasdaq fell 5%.
Doffing his suit jacket in the late-summer sun, Biden took potshots at Republicans for voting in lockstep against the bill, even as he praised them for supporting his $1.2 billion infrastructure plan.
“I believe Republicans could have and should have joined us on this bill as well,” Biden said. “After all, this bill cut costs for families to help reduce inflation at the kitchen table.”
The law will likely help lower prescription drug prices, but outside analyses suggest it will do little to immediately bring down overall inflation.
But Democrats weren’t about to let anything take the air out of their big celebration, especially since the bill had been all but left for dead over the opposition of kingmaker Sen. Joe Manchin (D-W.V.)
Senate Majority Leader Chuck Schumer (D-N.Y.) pumped his fists in the air as he led the crowd in partisan revelry
“When we unite we can get anything done,” Schumer said. “Americans are seeing what it looks like to have a president and a Congress that’s focused on delivering results to make their lives better.”