Economic Strategy Is Working, Biden To Say At State Of The Union Address
President Joe Biden will deliver his State of the Union address on Tuesday at 9 p.m. EST during a joint session of Congress. This will be his third State of the Union address since assuming office.
Giving a preview of how the President is going to address the economic priorities and economic issues in the State of the Union, National Economic Council Director Brian Deese said Biden will talk about the economic progress achieved by his administration and the work remaining ahead to bring prices down, lower costs, and create some breathing room for American families.
“The plan that he will outline and the new policies that he will call for will underscore that we can invest in our country, lower costs for families, and reduce the deficit all at the same time,” he told reporters.
Deese said Biden is going to continue to look for every opportunity, when it comes to the economy and economic policy, to reach out and work with Democrats and Republicans to find practical paths forward and find compromise.
The state of the U.S. economy is strong, according to the White House. “President Biden will highlight the historic progress we have made to bring the economy back from the pandemic and create more jobs in a two-year period than under any other president on record,” it said in a fact sheet.
He will discuss progress lowering costs and providing more breathing room for families, including cutting prescription drug costs, health insurance premiums, and energy bills, while driving the uninsured rate to historic lows. He will outline the manufacturing boom across the country—in infrastructure, semi-conductors, and clean energy—that is strengthening parts of the country left behind and creating good jobs, including for workers without college degrees.
Biden will emphasize that his economic strategy has been a fiscally responsible one unlike that of his predecessor. Under President Biden, the deficit has fallen by $1.7 trillion, and his reforms to take on Big Pharma, lower prescription drug costs, and make the wealthy and large corporations pay their fair share will reduce
the deficit by hundreds of billions more.
The President will preview the budget he will send to Congress on March 9, which will build on the economic progress of the past two years by continuing to invest in the U.S., continuing to lower costs for families—from child care to housing to college to health care—protecting and strengthening Social Security and Medicare, and reducing the deficit through additional reforms to ensure the wealthy and largest corporations pay their fair share.
The President will announce in the State of the Union that he is issuing proposed guidance to ensure construction materials from copper and aluminum to fiber optic cable, lumber, and drywall, are made in America. Once finalized, these standards will apply to virtually all infrastructure spending supported by Federal financial
assistance — not ONly roads and bridges, but also buildings, water infrastructure and high-speed internet.
Biden will also call on Congress to pass his billionaire minimum tax, and call for quadrupling the tax on corporate stock buybacks.
The President and the First Lady can invite family members and other guests, who sit with Jill Biden in her box in the balcony of the House of Representatives. The guests that White House has announced include Ukrainian ambassador to the U.S., Oksana Markarova; the Second Gentleman Douglas Emhoff; the lead singer of U2, Bono; Holocaust survivor Ruth Cohen; Jacki Liszak, the President and CEO of the Fort Myers Beach Chamber of Commerce; parents of Tyre Nichols, who was beaten to death by police; and former House Speaker Nancy Pelosi’s husband Paul Pelosi.
Americans are eagerly waiting to see if Biden will mention the ongoing saga over classified documents found in his home and office, and whether he will announce a 2024 presidential bid at the State Of the Union.
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