Update (1010ET): Having deflected any blame for the soaring costs of living in America, President Biden has issued a statement this morning on the hotter than expected consumer price inflation in April:
While it is heartening to see that annual inflation moderated in April, the fact remains that inflation is unacceptably high. As I said yesterday, inflation is a challenge for families across the country and bringing it down is my top economic priority.
This starts with the Federal Reserve, which plays a primary role in fighting inflation in our country. I thank the Senate for confirming Dr. Lisa Cook to the Board of Governors last night, and urge the Senate to confirm my remaining nominees without delay. While I will never interfere with the Fed’s independence, I believe we have built a strong economy and a strong labor market, and I agree with what Chairman Powell said last week that the number one threat to that strength – is inflation. I am confident the Fed will do its job with that in mind.
Beyond the Fed, my inflation plan is focused on lowering the costs that families face and lowering the federal deficit. Already this week, my Administration has announced new steps in partnership with the private sector to lower the price of high speed internet for tens of millions of Americans. And, the Congressional Budget Office reported that the federal budget deficit in the first seven months of this fiscal year fell by $1.5 trillion—putting us on track for the most deficit reduction in any year on record. The CBO also confirmed that the budget deficit so far this year is...