Just in time for Joe Biden‘s 100-day mark as president, the commander-in-chief is set to deliver his first big speech to Congress on Wednesday night. But don’t call it State of the Union. While it will look and feel like a State of the Union address, Biden, like other presidents in his first year in office, will give what is known as a speech at a joint session of Congress. The result, however, will be similar: The president will lay out his high priorities in a prime-time address intended to connect directly with voters.
At the top of the agenda: the “American Families Plan,” or initiatives for what some have called social infrastructure. “The core of it [speech] it will be him exposing the details of the American Families Plan, his commitment to child care, to education, “White House press secretary Jen Psaki told reporters last week,” and ensuring that there is an investment in financial security from the federal government. “That plan can cost up to $ 1.8 billion, with expenses split between child care, paid family leave, and free community college, among other things. Biden will reportedly propose to pay for those programs at an increase of Taxes on the rich, but the White House has not released details. DJIA stocks, -0.05% SPX, + 0.18% fell Thursday after a report that the president would seek to nearly double the capital gains tax rate for those making $ 1 million or more annually. Read: Biden’s’ Plan for American Families’ is coming. What’s in there? The families’ plan will follow Biden’s proposal for a important infrastructure package that is still being hotly debated with Republicans in Congress. Biden will also push for police reform, in a speech that will come just over a week after former police officer Derek Chauvin was convicted of three counts of murder and manslaughter in the death of George Floyd. After the verdict was announced on April 20, Biden lobbied Congress to pass the George Floyd Police Justice Act. He will expand on that call Wednesday night, Psaki said, after a promise to the Floyd family that he will use his “bully pulpit” to help push the measure. The bill would prohibit strangulations and some no-hit warrants, while also aiming to make it easier to prosecute allegations of police misconduct. The bill passed the House, but faces greater odds in the Senate. The death of Floyd, a black man, at the hands of white officer Chauvin sparked protests across the country and sparked a new examination of racism in the United States. Investors can focus more on the family plan and its related tax component. But Biden’s speech, which comes a day before his 100th day as president, will be wide-ranging, predicted Sarah Bianchi of Evercore ISI. “Biden will describe his broad vision for the country, including COVID, climate, racial justice and the economy,” Bianchi said in a recent note. “Biden will also address medical care and prescription drugs, noting that they are a priority.” While Biden’s address will air across the US and around the world, his in-person audience will be decidedly smaller than is typical for such an event. The chamber of the House of Representatives will be used for the address, as usual, but attendance will be limited due to the ongoing pandemic. However, Biden will be allowed to invite guests, according to Second House Democrat Steny Hoyer of Maryland. That will allow the president to continue the tradition of bringing in people who can be recognized during the speech. Read: Biden’s speech to Congress will be missing one thing: House Republicans have recruited Senator Tim Scott of South Carolina, the only black Senate Republican, to provide the GOP’s response to Biden’s speech. Senate Minority Leader Mitch McConnell, a Kentucky Republican, said of Scott: “No one is better at communicating why far-left policies fail working Americans.” The Republican Party has been highly critical of Biden’s proposed tax increases, including the corporate tax increases he proposed to fund infrastructure projects. Scott will not be the only one to give an answer. In an unusual move, Representative Jamaal Bowman of New York will speak on behalf of the progressive wing of the Democratic Party. Bowman, who is also black, told NBC News that Biden has done things “that I love.” But, he said, “it is important for us as progressives to keep pushing and keep organizing.”