State of the Union set for tonight

President Joe Biden will deliver his second State of the Union address tonight, a speech given against the backdrop of rising consumer prices, a strong labor market, a new Republican House majority, and the ongoing war in Ukraine.

The address comes at a time of mixed economic indicators. The preceding 12 months saw the highest inflation in more than four decades, with consumer prices surging and the cost of financing home purchases almost doubling. At the same time, an estimated 517,000 jobs were added in January with unemployment hitting a five-decade low at 3.4%.

Biden is also expected to argue for continuing support of Ukraine in its war against Russia, as the conflict nears its one-year mark Feb. 24. The US provided more than $50B in aid to Ukraine last year (see breakdown).

The address will be aired on major networks beginning at 9 pm ET, with Arkansas Gov. Sarah Huckabee Sanders providing the GOP response.

See a history of the State of the Union here.