President Biden said Wednesday a slowdown in inflation is the result of his economic policies as he promoted two massive spending plans passed by the Senate this week.
Speaking at the White House, Mr. Biden touted several economic reports and findings by leading economists to highlight the impact of his domestic agenda.
The president focused on a Bureau of Labor Statistics report released Wednesday showing that consumer price inflation dropped during July, though it remained higher than the same period last year.
Prices of consumer goods, excluding food and energy, rose 4.3% at the end of July, compared to the same period last year. Still, prices remained flat compared to June, the Bureau of Labor Statistics said.
Mr. Biden touted another report released last week that showed the economy added 943,000 jobs in July.
“Jobs are up and monthly price increases have come down,” the president said. “Economic growth is up, the fastest in 40 years and unemployment is coming down. So I would argue that our Biden economic plan is working and historic investments are on the way as well.”
The historic investments referenced by Mr. Biden are the two spending packages approved by the Senate this week.
On Tuesday, the Senate passed a $1.2 trillion bipartisan infrastructure package and the next day Democrats rammed through a sweeping $3.5 trillion resolution.
The first bill calls for investing in projects such as repairing roads and bridges, shoring up the nation’s electric grid and boosting broadband internet access.
The $3.5 trillion resolution would establish universal pre-kindergarten, add dental and vision benefits to Medicare, and make community college tuition-free.
Both packages head to the Democrat-controlled House, which is returning early from vacation to debate the plans.
Conservatives and liberals in the House have raised alarms about the bipartisan infrastructure bill.
“This is not a short-term stimulus,” Mr. Biden said. “It is a long-term investment in American families.”