State of the Union: Biden to unveil plan for lowering prices
The president's speech comes as inflation sits at a 40-year high
WATCH: President Biden gives his State of the Union address as the Russia-Ukraine war intensifies
WATCH: President Biden gives his State of the Union address as the Russia-Ukraine war intensifies.
As President Biden prepares to address the nation in his first State of the Union address on Tuesday, the White House has revealed details about the president's plans for lowering prices on everyday items as Americans struggle with inflation at highs not seen in decades.
President Joe Biden is set to deliver his first State of the Union address on Tuesday. (AP Photo/Evan Vucci / AP Newsroom)
Biden is expected to lay out a four-pronged vision focused on bolstering supply chains, reducing the cost of everyday expenses, enacting further antitrust measures and promoting union labor.
The president will tout the growth in the U.S. economy during his first year in office as the country emerged from the COVID-19 pandemic and make a renewed push for American-made products.
UKRAINE INVASION NOT AS BIG FOR MARKETS AS INFLATION: BILLIONAIRE INVESTOR CARL ICAHN
Biden will also call on Congress to pass several of the administration's legislative priorities, including raising the minimum wage to $15 an hour, passing federal paid family and medical leave, and enacting laws making it easier for workers to organize.
President Joe Biden signs a series of executive orders on health care at the White House on Jan. 28, 2021. (AP Photo/Evan Vucci / AP Newsroom)
PSAKI PUSHES RENEWABLE ENERGY TO STOP DEPENDENCE ON FOREIGN OIL INSTEAD OF INCREASING US PRODUCTION
He is also planning to call on lawmakers to send him legislation that would tackle the deficit by increasing taxes on corporations and on Americans making $400,000 a year or more.
The administration has consistently blamed companies and consolidation in certain sectors for higher prices being paid in several industries, and shipping giants have now become a target.
The sun rises past the cranes and a container ship at the Port of Oakland, California, on Nov. 3, 2021. (Reuters/Ann Saphir / Reuters Photos)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The president is set to announce a new agreement between the Department of Justice and the Federal Maritime Commission aimed at cracking down on major ocean freight companies by hitting large international firms with greater regulations in an effort to promote competition and bring down soaring costs for consumers.