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THE BIG DEAL Spiking inflation weighs on Biden economic agenda: A surprising June spike in inflation has created another obstacle for President Biden
Biden and congressional Democrats are taking steps toward passing both a bipartisan infrastructure deal and a much larger party-line bill before the end of August, all while needing to raise the federal debt limit.
But new data shows there was an unexpected surge in consumer prices, putting the White House on the defensive after weeks of rallying support for Biden’s spending plans.
The Labor Department reported Tuesday that the consumer price index (CPI), a key gauge of inflation, rose 0.9 percent in June and 5.4 percent in the 12 months leading into last month each the highest rate since 2008.