Earlier this year, the Biden administration forecast that the annual
rate of inflation would be 2 percent. On Wednesday the Labor Department
reported that inflation hit 6.2 percent, the biggest spike in prices
since 1990, and the news is reverberating across every aspect of
American politics. 

And, while the reconciliation bill, government funding and the debt
limit will all play starring roles in the Senate between now and New
Year’s Eve, don’t sleep on the drama over the National Defense
Authorization Act (NDAA).

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Raghu Manavalan is the host of POLITICO's Playbook.
Jenny Ament is the senior producer for POLITICO Audio. 
Irene Noguchi is the executive producer of POLITICO Audio.