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Biden speaks during a joint session of Congress on April 28, 2021. Photo: Doug Mills/The New York Times/Bloomberg via Getty Images

President Biden will deliver his State of the Union address to Congress on March 1.

Why it matters: The news comes as Biden tries to shepherd several major pieces of legislation through Congress this year, including a multitrillion dollar social spending package and a comprehensive election reform bill.

What they're saying: "Thank you for your bold vision and patriotic leadership which have guided America out of crisis and into an era of great progress," House Speaker Nancy Pelosi (D-Calif.) wrote in a letter to Biden, inviting him to give the speech.

  • Pelosi cited the coronavirus relief and infrastructure bills as examples of Biden's accomplishments, expressing hope that his social spending package will pass "soon."
  • White House press secretary Karine Jean-Pierre told reporters on Friday that Biden had accepted the invitation.

The big picture: This would be the first time a president has delivered a State of the Union address, or the historical equivalent of one, in March, according to the U.S. House historian.

  • Most modern addresses have taken place in January or February.
  • The late date gives Congress more time to work on Biden's agenda before he delivers his speech.

What we're watching: Biden's speech to a joint session of Congress last year was heavily restricted due to coronavirus, with only around 200 people allowed in the chamber. It's not clear whether those or similar restrictions will be in place this year.

  • The speech is nearly two months away, but the Capitol's attending physician earlier this week warned offices of a sharp spike in positive cases due to the Omicron variant.

Editor's note: This post has been updated to show the White House accepted Pelosi's invitation.

Go deeper

Pence: "Tragic" Jan. 6 no reason to scrap filibuster

Photo: Drew Angerer via Getty Images

Former Vice President Mike Pence on Friday called the Jan. 6 Capitol riot an attempt to "overturn results of the presidential election that had been certified by all 50 states."

Why it matters: Though the former vice president's op-ed in the Washington Post focuses on rebutting filibuster reforms, these are also the most public statements Pence has made about the post-election narrative and the attack as an effort to interfere with President Biden's victory.

Hope King, author of Closer
15 mins ago - Economy & Business

Peloton pumps its brakes

Data: FactSet; Chart: Axios Visuals

Peloton’s popularity is falling as swiftly as it shot up.

Why it matters: Not all pandemic habits stick around. Peloton's trajectory over the past two years exemplifies how challenging it's been for companies to gauge shifts in consumer demand — particularly in sectors heavily altered by the pandemic.

First look: Senators propose bill to ban corporate PACs

Sens. Jon Ossoff and Mark Kelly. Photos: Chip Somodevilla (left), Courtney Pedroza/Getty Images

Sens. Mark Kelly (D-Ariz.) and Jon Ossoff (D-Ga.) will soon propose a bill prohibiting for-profit corporations from establishing and managing political action committees, according to a copy of the legislation obtained by Axios.

Why it matters: The introduction of "The Ban Corporate PACs Act" comes amid heightened scrutiny on Capitol Hill regarding money in politics, including efforts to bar companies from influencing political campaigns and federal elections. It would likely face a court challenge and First Amendment concerns.

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