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A top House Republican is blasting President Joe Biden for celebrating the passage of the Democrat-backed social spending and taxation bill, officially known as the Inflation Reduction Act, amid the Tuesday uptick in the already high inflation rate plaguing the country and a resulting massive drop in the stock market.
In an exclusive statement to Fox News Digital, Rep. Tom Emmer, R-Minn., who also serves as the chairman of the National Republican Congressional Committee, railed against Biden for the White House celebration, which took place Tuesday afternoon despite the dismal report showing that the consumer price index rose 8.3% in August from a year ago.
“Joe Biden is the most out-of-touch president of my lifetime. He looks like a fool celebrating his reckless spending spree while prices continue to rise and the stock market is tanking,” Emmer said.
National Republican Congressional Committee chair Rep. Tom Emmer of Minnesota, during an interview on Fox News. (Fox News)
During the celebration, Biden referred to the Inflation Reduction Act the “single most important legislation passed in the Congress to combat inflation and one of the most significant laws in our nation’s history.”
Biden was joined by House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer, who each hailed the bill as a solution to the decades-high inflation driving prices higher across the nation.
The inflation uptick, however, dampened that optimism in the stock market, sending the Dow tumbling more than 1,200 points, or 3.94%, the NASDAQ 5.16%, and the S&P 500 4.32%.
Inflation and the economy have consistently been the top issues for voters ahead of the November midterm elections, which are now only 8 weeks away.
President Biden speaks during an interview with the Associated Press in the Oval Office of the White House, Thursday, June 16, 2022, in Washington. (AP Photo/Evan Vucci)
Analysts largely predict that Republicans will win control of the House of Representatives, while the Senate remains a tossup.
Fox News’ Bradford Betz contributed to this report.
Brandon Gillespie is an associate editor at Fox News. Follow him on Twitter at @brandon_cg.