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    Republicans look to bottom out inflation gap as midterms rapidly approach

    Smart WealthhabitsBy Smart WealthhabitsMay 27, 2026No Comments6 Mins Read
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    Republicans look to bottom out inflation gap as midterms rapidly approach
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    Rep. Brian Fitzpatrick, R-Pa., speaks to a reporter in Statuary Hall of the U.S. Capitol on Friday, March 27, 2026.

    Tom Williams | CQ-Roll Call, Inc. | getty images

    Republicans have been saying for months that inflation is former President Joe Biden’s problem. Now, they are facing an inflation crisis of their own making just before the midterm elections, and the blame game is just beginning.

    Inflation reached 3.8% year-on-year in April, the highest level since 2023. The increase is being driven by rising energy prices, which has continued since President Donald Trump started the war in Iran.

    Trump and congressional Republicans came to power by 2024 promising to defeat the inflation that plagued Biden’s presidency. But now they risk being defeated in the 2026 midterm elections because of their own inflation crisis, and they are struggling to find a clear message to fight high prices as the president pushes for a $400 million White House ballroom and a $1.8 billion taxpayer-funded legal relief fund for victims of government “weaponization.”

    Congressional GOP members are now left wondering whether their priorities are in the right place.

    “When half of America is living paycheck to paycheck, the word ‘ballroom’ should not be in anyone’s vocabulary,” Rep. Brian Fitzpatrick, R-Pa., a liberal who represents a swing district, told reporters at the Capitol. “We should always focus on affordability. Both sides have got it wrong. That’s why we are in the crisis we are in right now.”

    Fitzpatrick’s comments were a rare rebuke of Trump’s priorities from within his own party, which has largely been in sync with the president during months of economic turmoil brought on by the on-again, off-again tariff regime and now the war with Iran.

    And when asked what Republicans can tell voters in their districts, Fitzpatrick didn’t really make the case for the GOP.

    “How about both parties are broken, which is why we need to end the two-party system?” He said.

    Read more CNBC politics coverage

    He is not alone among Republicans in warning that the blow of inflation is going to hurt the party in November, especially after years of increased costs to Americans.

    “It’s not as bad as it was at its worst under Biden,” said Rep. Don Bacon, R-Neb., a frequent critic of the president who will retire at the end of his term. “But I think most Americans haven’t recovered from all that, and that’s why it’s still an issue.”

    Bacon trained his fire on Trump’s tariffs for inflation.

    “I think tariffs are bad policy,” he said, referring to free-market economists. Milton Friedman, Adam Smith, they are the Bible of conservatism and we violated them. “We should not have been paying attention to this here in Congress.”

    Asked what Republicans could say to show Americans that life is better under GOP rule, Bacon said “the president can certainly show that we’ve secured the border.”

    It’s been four years since the US consumer price index peaked at 9% in June 2022, stoking Americans’ anger over rising prices following the pandemic. Now the war with Iran is rekindling capacity fears.

    According to the latest Consumer Price Index release from the Bureau of Labor Statistics, meals at home increased by 0.7% between March and April alone. This contrasts with a .25% average monthly gain in food prices in 2025.

    And the national average for a gallon of gas on Tuesday was $4.49, 51% higher than just before the war began, according to aaa.

    Voters have been broadly registering their dissatisfaction with commodity prices and the economy for years. Meanwhile, Trump’s approval on the economy has declined, with only 33% of voters recently giving him positive marks. New York Times/Siena College Voting. His approval on the cost of living was even worse, with only 28% of voters saying they approved.

    Democrats are leading in general congressional voting. A RealClear Politics The polling average puts Democrats 7.1% points ahead of Republicans. Republicans have a five-seat majority in the House.

    Rep. Suzan DelBene, D-Wash., chair of the New Democrat Coalition, speaks to members of the press outside the West Wing of the White House after meeting with President Joe Biden to discuss his domestic agenda on Wednesday, March 30, 2022, in Washington. Standing with DelBene are Representative Scott Peters, D-Calif., left, and Representative Ami Bera, D-Calif.

    Patrick Semansky | AP

    Rep. Suzan DelBene, D-Wash., who chairs the House Democratic campaign arm, told CNBC that voters are reacting to “broken promises.”

    “They keep saying, ‘Wait and things will get better,'” DelBene said. “None of this is true, and people are tired of broken promises. Trump said he’s going to cut costs on day one.”

    Not all Republicans are giving up hope that they can control inflation.

    Rep. Zach Nunn, R-Iowa, said he expected voters to respond to the tax cuts passed by Republicans as part of the 2025 budget reconciliation measure, known as “one, big, beautiful bill.”

    “If you’re looking for a solution to this, which group has passed the largest tax cut in American history?” The nun said. “We’ve got more trade deals than any time in recent memory…, we’ve passed things like biofuels, it’s a $23 billion economic boost for my home state of Iowa, and we’re also able to say we’ve prioritized real onshoring, so local economic growth is booming.”

    And top Republican leadership continues to offer a positive outlook on the economy and the upcoming election.

    House Speaker Mike Johnson, R-La., said Sunday he expects Republicans to win in November.

    “I’m absolutely confident we’re going to get the majority,” Johnson told Fox News during an interview at the Indy 500. “Kitchen table issues are going to decide the midterms.”

    However, how Republicans drive down kitchen-table prices at election time remains an open question. Some Republicans have advocated for a third tax and spending package this year focused on reducing costs. Doing so would be a huge task, especially after Trump angered some allies in the Senate last week with his ballroom push, popularizing incumbents and supporting challengers to the Justice Department’s “weaponization” funds.

    But most Republican policymakers agree that the most important of those prices, gasoline, is unlikely to go down until the war with Iran ends or the Strait of Hormuz – the vital channel carrying a fifth of the world’s oil – is opened.

    Natural Resources Research Firm wood mackenzieA recent analysis found that under quick resolution of the conflict, brent By the end of the year, crude will fall to $ 80 per barrel. If the strait remains closed until the end of the year, the situation will worsen significantly, with the price of crude oil rising to $200 per barrel by the end of the year.

    “It all depends on getting energy costs back where they should be, which includes getting some solutions to things in Iran,” said House Natural Resources Chairman Bruce Westerman, R-Ark. “There are still some things we can do through reconciliation, but it’s just a basic supply and demand issue here.”

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    Approach bottom gap inflation midterms rapidly Republicans
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