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When Congress passed this legislation, frankly, we jumped for joy, this was so exciting because of the transformative difference this law would make for America's working families. CRITICS SLAM PRESIDENT BIDEN FOR ‘ CELEBRATING ’ SIGNING OF INFLATION REDUCTION ACT : ‘ SLAP IN THE FACE ’ President Joe Biden signed the Inflation Reduction Act into law last month after it passed through Congress along party lines, with Vice President Kamala Harris casting the tie-breaking vote in the Senate. The act, lawmakers said, was intended to combat climate change, address health care costs and raise taxes on large corporations. But midway into September, a new report indicated inflation rose more than expected in August, squeezing U.S. households even as the cost of gasoline fell and continued to create a political headache for the president. The Labor Department said Earlier Tuesday that the consumer price index – a broad measure of the price for everyday goods, including gasoline groceries, and rents – rose 8.3 % in August from a year ago. Prices climbed 0.1 % in the one-month period from July. President Joe Biden speaks before signing H.R. 5376, the Inflation Reduction Act of 2022. ( AP Photo/Andrew Harnik) Those figures were both higher than the 8.1 % headline figure and 0.1 % monthly decline forecast by Refinitiv economists, a worrisome sign for theFederal Reserveas it seeks to cool price gains and tame consumer demand with an aggressive interest rate hike campaign. Stock futures tanked on the surprisingly hot report, with the Dow Jones Industrial Average down more than 400 points. Earlier Earlier Tuesday, the president released a statement saying it.