Biden to announce plan to lower costs for American families during State of the Union address

When President Joe Biden discusses the state of the US economy during Tuesday night's State of the Union address, he will focus on a new plan to lower costs for American families and his administration's efforts in the labor market's recovery, senior administration officials told reporters on a call previewing the remarks.

While he'll tout economic gains over the past year, Biden will underscore there is "more work" to do toward lowering costs -- a reflection that despite a strong recovery, many Americans are still pessimistic about the economy.

The President will discuss price increases impacting Americans, laying out a four-point plan to lower costs for families that will focus on "making more things in America" and strengthening the supply chain; reducing costs of everyday expenses and reducing the deficit; "promoting fair competition" and "eliminating barriers to good-paying jobs," according to a fact sheet from the administration.