US Adviser Biden: Fighting Inflation Can Go Ahead If Congress Helps

A top financial adviser to President Joe Biden has said he hopes Congress will pass measures the government says will help fight inflation in the coming weeks, according to Bloomberg.

“Prices are unacceptably high at the moment,” National Economic Council chief Brian Dees said in an interview with CBS’s “Face the Nation” today. “That’s why the president said we need to make this our top financial issue and do what we can to reduce it.”

He cited measures to reduce the cost of prescription drugs, tax incentives for energy and a “late tax reform” as ways to help American households cope with the fastest inflation of 40 years and signal to the markets that the US is ” deadly “in terms of curbing price increases.

The White House and Democrats in Congress are in advanced talks on legislation aimed at fighting inflation, curbing the US budget deficit and reviving sections of Biden’s stalled economic agenda. .

Dees declined to set a specific timetable for the midterm elections in November.

“We are working very closely with the leadership of Congress, with the leadership of the Senate on this,” and Senate Majority Leader Chuck Sumer is working with his party on this, Diz said. “And we are optimistic that we will see progress in that in the coming weeks.”

“The most effective thing we can do right now is to work with Congress to pass legislation that would reduce the cost of things that families are facing right now,” he said.

Inflation is haunting Biden’s presidency, squeezing his acceptance rates, and has pushed the US Federal Reserve to raise interest rates. Policymakers on Wednesday raised the federal funds rate by three-quarters of a percentage point, in the range of 1.5% to 1.75%, the largest increase since 1994.

However, a recession “is not inevitable,” Diz said, citing US economic strengths such as low unemployment. Inflation is “a global challenge,” he said.