Axios AM Thought Bubble

February 25, 2026
🏛️ Good evening! Here's some quick insight from President Trump's State of the Union address to Congress from Axios White House reporter Marc Caputo.
- Smart Brevity™ count: 462 words ... 1.5 mins.
1 big thing: Trump swagger

For months, President Trump's advisers wanted him to make the case that his tax cuts are working, that the economy is improving, and that more winning is on the way as the 2026 midterm elections loom, Axios' Marc Caputo writes.
- On Tuesday, Trump finally stayed on script with his State of the Union speech.
- Part policy, part theater and stuffed with patriotic appeal, the hour and 47-minute address is Trump's rhetorical roadmap for Republicans in November.
Why it matters: Republicans' fortunes revolve around Trump. So the fate of their control of Congress hinges on whether the president can consistently make speeches like this —and whether the electorate believes in the case he's making.
So far, however, voters aren't buying what Trump is selling. His approval ratings are near all-time lows.
- Republicans, worried about a wipeout in November, hope Tuesday's speech will be more than a one-off and serve as a preview of a more disciplined messenger (for Trump at least).
Zoom in: Trump didn't just want to say that America is winning. He made sure the speech showed it by featuring the dramatic entrance of the men's U.S. Olympic hockey team, which was met with a standing ovation and chants of "USA, USA!"
- "Go ahead," Trump beamed, soaking in the atmospherics.
The scene unfurled in the first 15 minutes because, a Trump adviser tells us, the president is keenly aware that audiences drop off quickly in speeches.
- "People really just watch the first 30 minutes, maybe an hour," the adviser said. "And what they saw was winning."

Zoom out: The speech was the longest-ever State of the Union address. It was also a two-in-one address.
- It started with a positive (though not always accurate) recitation of Trump's accomplishments on the economy, tax cuts and foreign policy.
- And it veered into a darker condemnation of crime that he blamed on Democrats.
Trump baited Democrats by announcing poll-tested themes favored by Republicans — immigration crackdowns and bans on transgender surgeries for minors if parents don't approve — before drawing attention to Democrats who refused to applaud his riffs.
- "These people are crazy. I'm telling you. They're crazy," he said, pointing at Democratic lawmakers as Republicans roared in approval.
📱 "He is giving Republicans the conversation map for the midterms," a second adviser said via text message.
- "A complete political show. It MIGHT BE the start of the turnaround if the economy turns."
Go deeper: For Americans without a 401(k), Trump announces plan to offer access to a retirement account similar to those available to federal workers.
📬 Thanks for reading! Please invite your friends to join AM.
Sign up for Axios AM Thought Bubble

