Scalise: Biden, Pelosi celebrated Inflation Reduction Act at 'exact same time' market was crashing

The House Republican Whip says Democrats are "out of touch" for holding event as markets tanked after inflation report.

House Republican Whip Steve Scalise says President Biden and House Speaker Nancy Pelosi are "out of touch" for holding a celebratory event Tuesday for the Inflation Reduction Act at the White House while markets dropped to record lows after disappointing inflation figures were released.

Prices have gone up 8.3% since last August, according to data. After the report came out, the stock market had its worst day since June 2020.

Biden, Pelosi and Senate Majority Leader Chuck Schumer delivered speeches at the White House during a large event focused on the signing of the $740 billion Inflation Reduction Act.

Biden thanked Democratic leaders and activists for their role in moving the legislation forward. He called out West Virginia Democratic Joe Manchin from the stage. Manchin's vote was key to passing the bill in the 50-50 Senate using budget reconciliation. 

"Joe, thanks for sticking with what you said you’d do," Biden said.

Scalise said the optics of the event weren't on the Democrats' side, given the economic news that came out that same morning.

"President Biden and Speaker Pelosi continue to show how out of touch and tone deaf they are by throwing a party yesterday at the White House to celebrate inflation at the exact same time that the market is crashing because of inflation that President Biden and Speaker Pelosi created," Scalise said Wednesday.