Earlier on Wednesday, the US Labor Department reported that consumer prices moderated in April in the first easing of inflation in three months. The highest prices for US goods and services in decades, and interest rates kept at 22-year highs by the Federal Reserve, have greatly burdened households, promising to be a key battle point in the November presidential election.
Biden and Trump confirmed they would participate in the presidential debate on June 27 while locking horns over the consumer price data, saying that each had the right remedy for inflation.
"My agenda will give families breathing room by building two million new homes to lower housing costs, taking on Big Pharma to lower prescription drug prices, and calling on grocery chains making record profits to lower grocery prices for consumers," Biden said in a statement released by the White House.
Biden also targeted his Republican rivals led by Trump, whose prescriptions for the economy, he said, "would send inflation skyrocketing."
"I have a different vision for the future: one in which we take on special interests to lower costs and give the middle class a fair shot," Biden said. "Republicans want to slash taxes for the ultra-wealthy and big corporations, and raise taxes for middle class families. They would protect special interests and Big Pharma, and undermine workers and seniors by slashing Social Security and Medicare."
Trump campaign Press Secretary Karoline Leavitt said that Biden’s economic plan, pet-named "Bidenomics," has been an unmitigated disaster.
"Workers and families are literally paying the price for Joe Biden’s failed economic policies, with prices on household essentials like gas, food, rent, and diapers skyrocketing. Baby food and formula alone are up 30%," Leavitt said. "Overall prices are up 20%, while real average weekly earnings are down 4.4% since Biden took office. The American people cannot afford four more years of Bidenomics."
Trump had built during his presidency the strongest economy in US history and will re-implement his America First agenda of low taxes, lower prices and higher wages to uplift all Americans if re-elected, the campaign said.
Commenting on the looming debate, CNN said there were stark differences between what each candidate would like as the outcome from the showdown.
The Biden campaign said they want the event to be "more substantive and less of a spectacle" and possibly without a studio audience.
"Well, make my day, pal, I’ll even do it twice," Biden said in a dare to Trump, suggesting a second debate in September.
Trump accepted the offer to participate in the debate without hesitation.
"I am ready and willing to debate Crooked Joe at the two proposed times in June and September," Trump said in a post on Truth Social.