Hi, I'm Dan Pramack, and welcome to Axios Recap, presented by General Motors.

Today's Wednesday, April 28th.

U.S. consumer confidence is up, Bitcoin is down, and we're focused on President Biden's big pitch to Congress.

Joe Biden tonight will address a joint session of Congress during which he'll try to

sell his third $1 trillion-plus spending plan since taking office just three months ago.

The first plan was COVID relief, which passed with only Democratic support in the Senate.

The second one was what Biden calls the American Jobs Act,

which is that massive physical infrastructure spend and corporate tax hike plan that has not yet

become law. And now tonight, the third one, called the American Families Act. It features

around $1.8 trillion new spending on social services like education and child care to be paid for

via tax increases on those making $400,000 or more per year. Included there would be a near

doubling of the capital gains tax rate on those making at least $1 million. Not included,

at least so far, are Biden campaign pledges about reviving

the estate tax, otherwise knows the death tax, and expanding Medicare eligibility. Now, Biden

tonight will be speaking to a much smaller in-person crowd than usual because of COVID restrictions,

but his task is very, very big. Republicans are mostly lined up in opposition.

Some progressives don't think Biden's going far enough,

and the Senate's most pivotal vote,

Democrat Joe Manchin of West Virginia,

has expressed serious reservations about the size,

the size of both the tax increases and of the spending.

So today we wanted to learn more about what the president will propose,

...