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WASHINGTON--While Pres. Biden and political allies celebrated the Inflation Reduction Act at the White House, Tuesday afternoon, the Dow was having a steep decline, falling 1,300 points on the news that inflation was still high. Prices are 8.3 percent higher than they were at this time last year.

Republican Senator from Indiana Mike Braun called the celebration “insulting”, because food and housing prices are still high, despite gas prices having gone down for 14 weeks.

“Today, Joe Biden is holding a ‘celebration’ for his latest inflation bomb spending bill, as new consumer numbers show another month of crushing high prices. This is an insult to every American struggling to make ends meet this month,” he said, in a prepared statement.

The law that Biden celebrated will do little to help combat inflation, said an analysis from the non-partisan Congressional Budget Office. Their study predicts the effect on inflation will be “negligible”.

“We’re gonna lower prescription drug costs. We’re gonna lower health insurance costs,” said Biden. He said he also believes energy prices will go down. The president also said the law will mean corporations will “pay their fair share”.

Republicans have criticized the law, and refused to vote for it, because of its focus on climate issues, which they believe will ultimately cost taxpayers more money.

“Inflation is still high, which is surprising to folks on Wall Street but not to anybody on Main Street. Joe Biden and the D.C. crew don’t care how much it hurts you as long as they can keep printing money for their pet projects. We have to grow a backbone and stop spending.”

Republican Rep. Larry Bucshon Tweeted during the speech that Hoosiers continue to pay oppressive prices for almost everything.

“Hoosiers’ cost of living only continues to increase under President Biden’s leadership. It has risen over 8.3% from this time last year in the wake of Democrats spending hundreds of billions of taxpayer dollars on partisan projects and initiatives,” he said.

Biden answered the “tax and spend” accusation, while at the same time criticizing Republicans for not voting in favor of the bill, claiming a trillion and a half dollar reduction in the nation’s deficit over the past year.

“I don’t want to hear anymore about big spending Democrats. We spend, but we pay,” he said.

Whether the opportunity to spend or pay exists for Democrats after the mid-term elections may depend upon the perception of the law that the administration now seems to assign the most importance, the effect of which may end up being much less grandiose than promised.