Biden Claims Massive Government Spending Will Decrease Inflation As Market Has Worst Drop This Year

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President Biden said Monday that Congress needs to pass his sweeping economic agenda in order to tamp down rising inflation amid concerns that another burst of government spending will act as an accelerant to already rapidly rising consumer prices.

"As our economy has come roaring back, we've seen some price increases," the president said, speaking from the White House. "Some folks have raised worries that could be a sign of persistent inflation. But that's not our view."

Biden said that his administration was doing "everything we can" to address the higher-than-expected inflation, but he pushed back against fears of persistent inflation and maintained his stance the recent surge in consumer prices is temporary.

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