Democrats celebrate inflation reduction bill as stocks tumble on latest data

President Biden on Tuesday hosted a White House celebration to mark the passage of the sweeping Inflation Reduction Act against an unhappy backdrop:  a tumbling stock market that fell on the news that consumer prices rose in August.

Biden, in remarks to a crowd of more than 1,000 people, called the bill the “single most important legislation passed in the Congress to combat inflation, and one of the most significant laws in our nation’s history, in my view.”

“With this law, the American people won, and special interests lost,” Biden declared.