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    What Liberals Can Learn From Ron DeSantis

    Is there anything liberals can do about Ron DeSantis other than quietly seethe, loudly condemn him every time he makes headlines and hope that his political flaws — his distaste for glad-handing, his less-than-inspiring public-speaking style, his conspicuous unlikability — will take him down before he gets anywhere close to the presidency? It would be tempting to write off DeSantis, the bombastic Republican governor of Florida, as another unelectable right-wing lunatic unfit for national office.We’ve made that mistake before.It’s reliably depressing to revisit 2016 and the misbegotten liberal conviction that America couldn’t possibly elevate Donald Trump to the presidency. We’ve already cataloged the mistakes in media coverage and dissected what we missed that somehow made Trump a viable, let alone a desirable, candidate to occupy the Oval Office. But here we go again. As the Democratic political strategist Lis Smith has remarked, the left’s reaction to DeSantis looks just like its reaction to Trump: “He’s picking these fights. He’s saying and doing abhorrent things. And all the same characters — whether in the media, Democratic politics, the punditry class, whatever it is — have the same freakout.”Let’s pay closer attention this time.First, we shouldn’t underestimate DeSantis. He may resemble Trump in his politics — but not in his intellect or resolve. Compare their respective backgrounds: Whereas Trump’s acceptance into the University of Pennsylvania, after an academic record notable only for its mediocrity, was an egregious example of leveraging personal connections to get into a prestigious university, DeSantis, the son of a TV ratings box installer and a nurse, actually earned his way into the Ivy League. People bent over backward to ascribe some accidental form of grifter street smarts to Trump. But DeSantis is demonstrably intelligent and industrious. He worked his way through Yale while playing baseball and graduated magna cum laude.Whereas Trump skirted military service with a convenient discovery of bone spurs, DeSantis was a commissioned officer in the Navy. He graduated from Harvard Law School. He may share Trump’s taste for bluster, but this is not someone who bumbled his way into public office. As Dexter Filkins observed last year in a New Yorker profile, “DeSantis has an intense work ethic, a formidable intelligence and a granular understanding of policy.”Because we can assume DeSantis knows what he’s doing, we should make careful note of his record in Florida, where he has been governor since 2019. His approval rating in Florida is consistently over 50 percent and includes high ratings among Latinos and in former liberal strongholds like Miami-Dade and Palm Beach Counties.The jury is still out on whether DeSantis’s unorthodox response to Covid-19 was a colossal error or an unexpected success or, more likely, something in between, but the fact that he took an aggressive approach to avoid the pains of lockdown on small businesses and families wasn’t lost on Florida voters. While other politicians prevaricated and dithered, DeSantis spoke with conviction and seemed to be doing something, and to many working families in Florida, that mattered.When I visited Miami from Covid-conscious New York in 2021, the vibe in bars and restaurants in the Wynwood art district — where nobody asked for proof of vaccination and I was the only person in a mask — was euphoric. In that young, overwhelmingly liberal corner of the city, people weren’t faulting DeSantis for his pandemic policies. He also acted decisively last year during Hurricane Ian, a response that won strong bipartisan approval.In a country where government often looks sclerotic, DeSantis’s knack for action bears notice. We can decry his stunt in shipping migrants to Martha’s Vineyard, but we should also be attending to the real concerns of people living in areas of heavy immigration. Lest we forget, Hispanic voters in Florida preferred DeSantis to his Democratic opponent in last year’s election for governor; they also supported his Martha’s Vineyard escapade, according to a Telemundo/LX News poll. “There are lots of Hispanic voters in this state who really like the governor’s style, this strongman who won’t back down,” one pollster explained at the time.Democrats need to grapple with this appeal. It would be easy to write DeSantis off as a cartoon culture warrior or as racist, homophobic, transphobic and xenophobic. He may well be all those things, and so may some of his constituents. But he may not be, and either way, it would be foolish to characterize all his followers as such. Assuming a stance of moral superiority will do us no good. (See: Hillary Clinton, “deplorables.”)Finally, we shouldn’t let DeSantis co-opt positions on which Democrats have historical strength and a natural advantage: education, health care, jobs. There are reasons so many Americans are relocating to the Sunshine State beyond the balmy weather. This month, DeSantis released a budget plan that featured targeted tax cuts aimed at parents, salary increases for state employees, including teachers, and significant investments in schools, including programs in civic education.DeSantis’s maverick approach to primary, secondary and higher education has brought widespread condemnation from Democrats, particularly from their more progressive wing. But we should pay attention to why his policies land better with voters than with progressive critics. A law like the Stop WOKE Act of 2021 (later partly blocked by a federal court), which limited the discussion of certain racial issues during diversity training sessions offered by private employers and in the classroom, may come with an incendiary name and some egregious efforts to curtail free speech. But it’s important to recognize that aspects of it appeal to Floridians tired of racial and ethnic divisiveness and the overt politicization of what’s taught in the classroom.As many liberals will quietly acknowledge, the Parental Rights in Education Act, which DeSantis signed last year and which opponents nicknamed the “Don’t Say Gay” law, has reasonable and legitimate attractions for a broad range of parents who worry about the focus, efficacy and age appropriateness of what their kids are learning in primary and secondary school. Democratic leadership should worry, too. Keeping quiet or pretending those concerns aren’t real won’t make them go away.Then there’s college. The challenges of higher education have never been a strength for the Republican Party, which has long ignored the myriad needs of indebted students and the financial and existential pressures on academic institutions. If ideological conformity has taken root in American universities, long a bastion of liberal ideals, then Democrats are the ones with the knowledge, experience and record to attend to the problem. It’s on liberals to check the excesses of illiberal orthodoxies rampant among those on its far-left wing. It’s on us to ensure academic freedom and the kind of educational system parents can trust.It should be cause for alarm that recent polls show Republicans holding an advantage on educational issues. Rather than dismiss parents’ concerns as somehow unfounded or wrongheaded, we should be listening to them and finding better solutions to their grievances. Telling parents they’re bigots or are unenlightened for not embracing the latest faddish orthodoxy is not a winning message.Which brings us back to Trump. We know that he takes DeSantis seriously because Trump has shown signs that he’s scared of DeSantis as a competitor. If even Trump knows that much, Democrats are capable of knowing more. Trump may think the best way to defang DeSantis — whom he calls “DeSanctimonious” — is to mock and belittle him. Democrats should recognize it will take far more than that.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. More

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    Abortion Rights Supporters See Biden Address as Missed Opportunity

    While praising the administration’s actions so far, activists say the State of the Union speech could have done more to address what they view as a national health crisis.During the midterm campaigns, Democrats spent months focused on the demise of federal abortion rights and the danger they said it posed to all Americans.In his State of the Union speech, President Biden spent roughly 42 seconds.The White House says that it used the moment to call on Congress to reinstate the protections provided under Roe v. Wade, and that it has taken the most aggressive approach to abortion rights of any administration in history. But some abortion rights supporters said they saw the brief mention as a missed opportunity to leverage the power of the bully pulpit in what they often describe as a national health crisis. They were also mystified that the president passed up a chance to play up his own record, which nearly all praised.“President Biden’s remarks on the Supreme Court’s reversal of Roe v. Wade were disappointing and a lost opportunity,” said Nancy Northup, president and chief executive of the Center for Reproductive Rights, which argued the case over Roe at the Supreme Court. “As demonstrated resoundingly in the midterms, abortion rights are a kitchen-table issue that Americans care deeply about, and highlighting that reality would have fit into the president’s theme of fundamental fairness.”The White House believes President Biden has most likely reached the legal limits of his powers through executive actions on abortion issues.Haiyun Jiang/The New York TimesThe criticism reflects Democrats’ limited options on the federal level, as the fight has shifted to state legislatures. The issue became a potent tool for the party in the midterms, energizing voters and staving off some expected defeats. But after Democrats lost control of the House, it became all but impossible for them to fulfill promises to reinstate a federal right to abortion.Since the court ruling in June, Mr. Biden has signed a series of executive orders protecting access to medication abortion and contraception, ensuring emergency medical care for pregnant women and protecting patient privacy. But at times his administration has fallen short in activists’ eyes, including in declining to declare a national emergency over the summer. The administration says such a measure wouldn’t offer any new tools to combat the restrictions.The White House believes Mr. Biden has most likely reached the legal limits of his powers through executive actions, leaving few options other than rallying voters and providing assistance to Democratic state legislators working to stop or undo restrictions.Biden’s State of the Union AddressChallenging the G.O.P.: In the first State of the Union address of a new era of divided government, President Biden delivered a plea to Republicans for unity but vowed not to back off his economic agenda.State of Uncertainty: Mr. Biden used his speech to portray the United States as a country in recovery. But what he did not emphasize was that America also faces a lot of uncertainty in 2023.Foreign Policy: Mr. Biden spends his days confronting Russia and China. So it was especially striking that in his address, he chose to spend relatively little time on America’s global role.A Tense Exchange: Before the speech, Senator Mitt Romney admonished Representative George Santos, a fellow Republican, telling him he “shouldn’t have been there.”Mini Timmaraju, the president of NARAL Pro-Choice America, praised Vice President Kamala Harris’s efforts and called Mr. Biden the “most pro-choice reproductive freedom president” in history, saying abortion rights got more attention than in any previous State of the Union.“The tension is that he represents a lot of progress, but it’s never going to feel like enough because we’re in a crisis,” she said. “Everybody in our community wishes we had more of the president’s time, more of the president’s attention, more presence in that State of the Union, but that being said, I keep going back to judging this administration on what they’re getting done.”On Tuesday night, Mr. Biden mentioned the battle over abortion rights an hour into his 80-minute speech, typically a moment for presidents to outline their priorities..css-1v2n82w{max-width:600px;width:calc(100% – 40px);margin-top:20px;margin-bottom:25px;height:auto;margin-left:auto;margin-right:auto;font-family:nyt-franklin;color:var(–color-content-secondary,#363636);}@media only screen and (max-width:480px){.css-1v2n82w{margin-left:20px;margin-right:20px;}}@media only screen and (min-width:1024px){.css-1v2n82w{width:600px;}}.css-161d8zr{width:40px;margin-bottom:18px;text-align:left;margin-left:0;color:var(–color-content-primary,#121212);border:1px solid var(–color-content-primary,#121212);}@media only screen and (max-width:480px){.css-161d8zr{width:30px;margin-bottom:15px;}}.css-tjtq43{line-height:25px;}@media only screen and (max-width:480px){.css-tjtq43{line-height:24px;}}.css-x1k33h{font-family:nyt-cheltenham;font-size:19px;font-weight:700;line-height:25px;}.css-1hvpcve{font-size:17px;font-weight:300;line-height:25px;}.css-1hvpcve em{font-style:italic;}.css-1hvpcve strong{font-weight:bold;}.css-1hvpcve a{font-weight:500;color:var(–color-content-secondary,#363636);}.css-1c013uz{margin-top:18px;margin-bottom:22px;}@media only screen and (max-width:480px){.css-1c013uz{font-size:14px;margin-top:15px;margin-bottom:20px;}}.css-1c013uz a{color:var(–color-signal-editorial,#326891);-webkit-text-decoration:underline;text-decoration:underline;font-weight:500;font-size:16px;}@media only screen and (max-width:480px){.css-1c013uz a{font-size:13px;}}.css-1c013uz a:hover{-webkit-text-decoration:none;text-decoration:none;}How Times reporters cover politics. We rely on our journalists to be independent observers. So while Times staff members may vote, they are not allowed to endorse or campaign for candidates or political causes. This includes participating in marches or rallies in support of a movement or giving money to, or raising money for, any political candidate or election cause.Learn more about our process.He did not propose any new policy initiatives on the issue. Nor did he describe the struggles of the guests invited by a number of Democratic lawmakers and the first lady, Jill Biden, who represented the issue. Dr. Biden brought a Texas woman who almost died from sepsis after the state’s abortion restrictions caused a delay in treatment for her pregnancy.“Congress must restore the right that was taken away in Roe v. Wade and protect Roe v. Wade,” he said. “The vice president and I are doing everything to protect access to reproductive health care and safeguard patient safety. But already, more than a dozen states are enforcing extreme abortion bans.”He added, “Make no mistake about it: If Congress passes a national ban, I will veto it.”Any sweeping abortion action remains unlikely given the divided control of Congress. Democrats lack the votes in the Senate, and Mr. Biden is unable to grant Roe’s protections through executive action.His brief remarks cut a striking contrast with the deluge of words about the issue from Democrats during the midterm elections, when the candidates and their allies spent nearly half a billion dollars on ads mentioning abortion — more than twice what they spent on the next top issue, crime, according to AdImpact, an ad-tracking firm.Mr. Biden, a practicing Catholic, has spent years wrestling with his faith and Democratic politics over the issue, generally supporting abortion rights but personally opposed to the procedure. But since the ruling, he has been more vocal about his disagreement with the court and his support for Congress’s legislating a federal right to an abortion.Senator Richard Blumenthal, Democrat of Connecticut, at the Capitol last month. The end of Roe energized Democratic voters in last year’s midterms.Haiyun Jiang/The New York TimesSince the midterms, Mr. Biden has largely delegated the issue to Ms. Harris, who has hosted dozens of events with state leaders to discuss abortion access. Last month, on what would have been the 50th anniversary of Roe, she warned that “no one is immune” from efforts to curb access to reproductive health care.In a statement released after the speech, Planned Parenthood Action Fund highlighted the nine abortion patients, providers and advocates invited by Dr. Biden and Democratic lawmakers as guests to the speech. The group “is grateful to have a trusted partner in the Biden administration,” it wrote, and declined to offer additional remarks.While they’ve been pleased with this administration’s actions, some leaders of the abortion rights movement would like to see Mr. Biden talk more specifically about plans to expand access to the procedure.“We really wanted to hear what the administration is prepared to do for the current reality of abortion access and the continued threats that exist across the country,” said Morgan Hopkins, president of All* Above All, a reproductive justice coalition. “We didn’t hear that.”The moment is particularly fraught, as activists and the administration await a ruling as soon as this week in a Texas case brought by conservative groups seeking to revoke a more than two-decade-old federal approval of mifepristone, a common medication abortion pill. The decision will be made by a single judge, Matthew J. Kacsmaryk, a Trump appointee known for his conservative views on social issues.Given that medication accounts for more than half of abortions and that the pills have become a way for some women to circumvent state bans, a ruling against the drug could have sweeping impacts. Any appeal of the decision would go to the right-leaning Fifth Circuit Court of Appeals and, eventually, to the Supreme Court with its conservative majority.Last week, Xavier Becerra, the secretary of health and human services, met with abortion providers at a clinic in Alexandria, Va. And a number of agencies, coordinated by the White House, are planning for a variety of outcomes, though they are limited in terms of executive actions. More

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    Biden Heads to Florida With a Fresh Political Foil in House Republicans

    President Biden plans to use his visit to the University of Tampa to warn about what he says are Republican proposals to cut Medicare and Social Security.WASHINGTON — President Biden heads to Florida on Thursday afternoon with a political gift he had not been expecting before Tuesday night’s State of the Union speech.The perfect foil.Mr. Biden had always planned to use his visit to the University of Tampa to warn about what he says are Republican proposals to cut Medicare and Social Security. The White House sees the issue as a potent one for the president as he prepares to seek a second term.But despite months of warning about “MAGA Republicans,” Mr. Biden had so far failed to make the threats seem real to voters. Numerous recent polls show Mr. Biden’s support lagging, even among Democrats, who overwhelmingly say they want someone else as their nominee in the 2024 presidential election.Strategists from both parties said the Republican outbursts during his address to Congress — and Mr. Biden’s real-time exchange about the fate of the entitlement programs with a handful of heckling lawmakers — instantly crystallized, on national television in front of millions of Americans, what Mr. Biden has been struggling to say.Aides said the president returned to the White House late Tuesday astonished that Republicans had played into his hands, giving him a prime-time opportunity to look commanding on an issue that resonates deeply with many Democrats, Republicans and independents. They said Mr. Biden would refer to the exchange with the Republicans during his remarks on Thursday.The remarkable back-and-forth started when Mr. Biden accused some Republicans of threatening Social Security and Medicare — an assertion that they rejected, loudly.“Liar!” screamed Representative Marjorie Taylor Greene, Republican of Georgia.When Republicans continued to deny they planned to cut the social programs, the president said he was happy Republicans were committing to leave the programs alone.Biden’s State of the Union AddressChallenging the G.O.P.: In the first State of the Union address of a new era of divided government, President Biden delivered a plea to Republicans for unity but vowed not to back off his economic agenda.State of Uncertainty: Mr. Biden used his speech to portray the United States as a country in recovery. But what he did not emphasize was that America also faces a lot of uncertainty in 2023.Foreign Policy: Mr. Biden spends his days confronting Russia and China. So it was especially striking that in his address, he chose to spend relatively little time on America’s global role.A Tense Exchange: Before the speech, Senator Mitt Romney admonished Representative George Santos, a fellow Republican, telling him he “shouldn’t have been there.”“That moment — if Republicans don’t do something to fix it — could present the perfect contrast that Biden would need going into 2024,” said Kevin Madden, who served as a senior adviser to Senator Mitt Romney, Republican of Utah, during Mr. Romney’s two presidential campaigns, in 2008 and 2012.That opportunity couldn’t have come soon enough for Mr. Biden, who is widely expected to announce his re-election plans by April.Since he defeated former President Donald J. Trump in 2020, Mr. Biden has had difficulty conjuring a useful political villain, in part because Democrats controlled the White House and both houses of Congress. For much of his first year, Mr. Biden seemed to be fighting more with his own party — specifically, Senators Kyrsten Sinema of Arizona and Joe Manchin III of West Virginia — than with Republicans.During the 2022 midterm elections, many Democratic congressional candidates won by connecting their opponents to Mr. Trump and the “Big Lie” that the 2020 election had been stolen. A senior White House adviser, who asked for anonymity to discuss political strategy, said that since those elections ended, Mr. Biden has been hampered by having no well-defined opponent (and only Mr. Trump as a declared candidate for 2024).Anita Dunn, a senior adviser to Mr. Biden and one of his top communications advisers, said the scrimmage between the president and House Republicans on Tuesday night should provide Americans with a more visceral understanding of what the president has been talking about.“Clearly, having the House Republican caucus behaving the way they are, and are signaling strongly they will continue to behave, is going to give the president an easy contrast,” she said. “What the House Republican caucus is doing for him is giving him a way to draw a contrast between what he is for — what he’s trying to get done, and who he’s trying to get it done for — with the House Republicans.”.css-1v2n82w{max-width:600px;width:calc(100% – 40px);margin-top:20px;margin-bottom:25px;height:auto;margin-left:auto;margin-right:auto;font-family:nyt-franklin;color:var(–color-content-secondary,#363636);}@media only screen and (max-width:480px){.css-1v2n82w{margin-left:20px;margin-right:20px;}}@media only screen and (min-width:1024px){.css-1v2n82w{width:600px;}}.css-161d8zr{width:40px;margin-bottom:18px;text-align:left;margin-left:0;color:var(–color-content-primary,#121212);border:1px solid var(–color-content-primary,#121212);}@media only screen and (max-width:480px){.css-161d8zr{width:30px;margin-bottom:15px;}}.css-tjtq43{line-height:25px;}@media only screen and (max-width:480px){.css-tjtq43{line-height:24px;}}.css-x1k33h{font-family:nyt-cheltenham;font-size:19px;font-weight:700;line-height:25px;}.css-1hvpcve{font-size:17px;font-weight:300;line-height:25px;}.css-1hvpcve em{font-style:italic;}.css-1hvpcve strong{font-weight:bold;}.css-1hvpcve a{font-weight:500;color:var(–color-content-secondary,#363636);}.css-1c013uz{margin-top:18px;margin-bottom:22px;}@media only screen and (max-width:480px){.css-1c013uz{font-size:14px;margin-top:15px;margin-bottom:20px;}}.css-1c013uz a{color:var(–color-signal-editorial,#326891);-webkit-text-decoration:underline;text-decoration:underline;font-weight:500;font-size:16px;}@media only screen and (max-width:480px){.css-1c013uz a{font-size:13px;}}.css-1c013uz a:hover{-webkit-text-decoration:none;text-decoration:none;}How Times reporters cover politics. We rely on our journalists to be independent observers. So while Times staff members may vote, they are not allowed to endorse or campaign for candidates or political causes. This includes participating in marches or rallies in support of a movement or giving money to, or raising money for, any political candidate or election cause.Learn more about our process.Republicans accuse Mr. Biden of lying about their intentions. Many, including House Speaker Kevin McCarthy, say they are not willing to consider any proposals to cut funding for Medicare and Social Security to pay for desired reductions in the nation’s debt and deficit. When Mr. Biden suggested the opposite Tuesday night, Republicans erupted in boos.At times, Mr. McCarthy seemed to be trying to shush his members, a sign that he did not see their outbursts as helpful to their cause.But Republicans so far have not said how they propose to reduce spending by a large enough amount to achieve their debt reduction goals. And there have been several notable Republicans who have proposed ideas like making all laws expire after five years unless lawmakers renew them — an idea that Mr. Biden says means Social Security and Medicare would go away automatically if such a vote failed.Senator Rick Scott of Florida, the Republican who put forward the five-year expiration idea, blasted Mr. Biden on Twitter on Wednesday.“@JoeBiden once again lies about Republicans trying to cut Social Security and Medicare,” he wrote, along with a video calling on Mr. Biden to resign that he said would run Thursday to greet Mr. Biden’s arrival.The debate over entitlements is a complicated one, and Republicans have recently seized on an announcement from the Centers for Medicare and Medicaid Services that they would be cracking down on private insurance companies that are overcharging the government through Medicare Advantage programs that are add-ons to traditional Medicare.Administration officials call the move a needed effort at financial accountability that could save taxpayers $4.7 billion over 10 years. But Republicans are already calling it a Medicare cut by Mr. Biden’s government and using it to deflect the president’s own accusations.“It’s President Biden who is proposing to cut Medicare Advantage, a program used by almost 4 in 10 Arkansas seniors,” Senator Tom Cotton, Republican of Arkansas, tweeted this week. “This would be a mistake.”Mr. Madden said the White House is smart to maximize the impact of the exchange between Mr. Biden and the Republicans during what has traditionally been a decorous gathering of the nation’s leaders.He said the television coverage of the exchange had focused on the most extreme voices in the Republican Party, like Ms. Greene, who have “a sort of a political appeal that’s toxic in many swing states and in the most important areas of swing states, like suburbs.”But he cautioned that even the most astonishing moments from State of the Union speeches “tend to melt on contact,” evaporating quickly in the ever-changing news cycle.“That is the challenge for this White House,” Mr. Madden said. “They have often tired of their own message and haven’t driven one consistently.”Still, supporters of Mr. Biden said the president and the White House should do whatever possible to keep Americans’ attention on the contrast between the president and the House Republicans who heckled him.Last October, before the midterm elections, Eric Schultz, who served as a deputy press secretary for former President Barack Obama, predicted that Republicans would eventually do or say something to make the difference clear.“This isn’t a group that’s known for a measured approach,” he said at the time. “The more clownish they are, the better it is for the administration. Betting on House Republicans being clownish is a good bet.”Contacted on Wednesday, Mr. Schultz said he still agreed with that sentiment. More

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    Marjorie Taylor Greene and Others Heckle Biden at State of the Union Address

    His State of the Union address was not exactly a celebration of a unity agenda. But the president seemed to relish the scrimmage.WASHINGTON — President Biden was about midway through a speech of about 7,218-words on Tuesday when a Republican lawmaker tried to shut him down with a single one: “Liar!”It was Representative Marjorie Taylor Greene of Georgia, whom the president had baited by accusing Republicans of wanting to threaten entitlement programs like Social Security.Later in the speech, when Mr. Biden called for an end to the fentanyl crisis in the United States, another lawmaker yelled out, “It’s your fault!” — a reference to the amount of drugs that are smuggled across the U.S.-Mexico border. Another lawmaker yelled out an expletive.His second State of the Union address was punctuated by outbursts, jeers and peals of mocking laughter, but Mr. Biden turned the tables on his Republican opponents and argued in real time with the insurgents. It appeared to be the start of his re-election campaign.When the Republicans shouted back that no, they were not threatening Social Security, Mr. Biden smiled, appearing to relish the scrimmage, and ad-libbed that he was pleased they all agreed.“I’m glad to see — no, I tell you, I enjoy conversion,” Mr. Biden said. He is unlikely to win over a large number of Republicans to support legislation, but his reply to the contingent led by Ms. Greene was meant as an unsubtle reminder that he spent 36 years as a senator working to win Republican votes for his legislative efforts.Mr. Biden arriving in the House chamber for the speech.Kenny Holston/The New York TimesSpeaker Kevin McCarthy and Vice President Kamala Harris greeting President Biden at the address, in a break from the generally combative mood.Kenny Holston/The New York TimesMr. Biden walked into his speech facing low approval ratings and flashing-red polling numbers that suggest Americans do not feel that his economic policies have helped them. He also entered a chamber full of people who have quietly (and not so quietly) questioned how an 80-year-old president could run for re-election.Yet Mr. Biden appeared in control as he took his time “How are ya, man”-ning down the aisle of the House chamber before reaching the dais, where Vice President Kamala Harris and Speaker Kevin McCarthy, Republican of California, were waiting. Breaking from the combative mood of the chamber, Ms. Harris and Mr. McCarthy engaged in small talk, and the speaker greeted Mr. Biden warmly.Biden’s State of the Union AddressChallenging the G.O.P.: In the first State of the Union speech of a new era of divided government, President Biden called on Republicans to work with him to “finish the job” of repairing the unsettled economy.State of Uncertainty: Mr. Biden used his speech to portray the United States as a country in recovery. But what he did not emphasize was that America also faces a lot of uncertainty in 2023.Foreign Policy: Mr. Biden spends his days confronting Russia and China. So it was especially striking that in his address, he chose to spend relatively little time on America’s global role.A Tense Exchange: Before the speech, Senator Mitt Romney admonished Representative George Santos, a fellow Republican, telling him he “shouldn’t have been there.”The president had a shaky start on the teleprompter as he raced through his remarks and mangled some lines, although he had plenty of energy. He got an even bigger burst once the Republicans’ heckles and boos began, and was most animated when he veered off the teleprompter and addressed them directly before a live television audience of millions. At times, the House floor seemed like the British Parliament, where catcalls and shouted insults from the opposing party are tradition..css-1v2n82w{max-width:600px;width:calc(100% – 40px);margin-top:20px;margin-bottom:25px;height:auto;margin-left:auto;margin-right:auto;font-family:nyt-franklin;color:var(–color-content-secondary,#363636);}@media only screen and (max-width:480px){.css-1v2n82w{margin-left:20px;margin-right:20px;}}@media only screen and (min-width:1024px){.css-1v2n82w{width:600px;}}.css-161d8zr{width:40px;margin-bottom:18px;text-align:left;margin-left:0;color:var(–color-content-primary,#121212);border:1px solid var(–color-content-primary,#121212);}@media only screen and (max-width:480px){.css-161d8zr{width:30px;margin-bottom:15px;}}.css-tjtq43{line-height:25px;}@media only screen and (max-width:480px){.css-tjtq43{line-height:24px;}}.css-x1k33h{font-family:nyt-cheltenham;font-size:19px;font-weight:700;line-height:25px;}.css-1hvpcve{font-size:17px;font-weight:300;line-height:25px;}.css-1hvpcve em{font-style:italic;}.css-1hvpcve strong{font-weight:bold;}.css-1hvpcve a{font-weight:500;color:var(–color-content-secondary,#363636);}.css-1c013uz{margin-top:18px;margin-bottom:22px;}@media only screen and (max-width:480px){.css-1c013uz{font-size:14px;margin-top:15px;margin-bottom:20px;}}.css-1c013uz a{color:var(–color-signal-editorial,#326891);-webkit-text-decoration:underline;text-decoration:underline;font-weight:500;font-size:16px;}@media only screen and (max-width:480px){.css-1c013uz a{font-size:13px;}}.css-1c013uz a:hover{-webkit-text-decoration:none;text-decoration:none;}How Times reporters cover politics. We rely on our journalists to be independent observers. So while Times staff members may vote, they are not allowed to endorse or campaign for candidates or political causes. This includes participating in marches or rallies in support of a movement or giving money to, or raising money for, any political candidate or election cause.Learn more about our process.In 2009, it was considered a travesty when Representative Joe Wilson, a South Carolina Republican, shouted “you lie” at President Barack Obama during a joint address to Congress. Back then, Mr. Wilson was formally rebuked by the whole House.Times have changed. Republican lawmakers shouted both “liar” and “bullshit” at parts of Mr. Biden’s speech, and no one appeared shocked. After the speech, Representative Andy Ogles of Tennessee defended yelling out “it’s your fault” as Mr. Biden described the fentanyl crisis, telling reporters it was “a visceral response.”Though Mr. McCarthy appeared willing to play peacemaker at moments when tensions threatened to boil over — the speaker shushed Republicans who yelled at Mr. Biden for calling to codify citizenship for Americans brought to the United States as children — his role over the next months will be to oppose virtually all of Mr. Biden’s agenda.On Tuesday, Republicans spent much of their time signaling that they would help in that mission. Some lawmakers even prepared to mock Mr. Biden in advance: Ms. Greene carried a white helium balloon around the Capitol, mocking Mr. Biden’s response to a giant Chinese spy balloon that traversed the United States this past week before an American F-22 blew it up off the coast of South Carolina.Mr. Biden spotlighted Rodney Wells and RowVaughn Wells, the stepfather and mother of Tyre Nichols, as he called for police reform.Kenny Holston/The New York TimesAt points, Mr. Biden turned down the volume, calling for police reform by spotlighting the grieving parents of Tyre Nichols, who died after a brutal beating on Jan. 7 at the hands of Memphis police officers. The president emphatically called for more research to end cancer. And he spoke directly to “forgotten” Americans who are struggling financially.“Jobs are coming back,” Mr. Biden said. “Pride is coming back, because of choices we made in the last several years.”When asked if Mr. Biden was prepared for the jeers from Republicans, a senior administration official said the news media had underestimated him — a common refrain from Mr. Biden’s advisers.Jeff Nussbaum, a former Biden speechwriter, praised Mr. Biden for “doing a great job of seeking common ground and defining sacred ground.”Much of the president’s speech was vintage Biden, full of well-worn phrasing he has used since the beginning of his first campaigns a half-century ago. The familiar seemed to help his comfort in taking on the Republicans.“There are some good things about doing something for 50 years,” said Greg Schultz, Mr. Biden’s first 2020 campaign manager. “He’s got some riffs that are just not going to ever change.”When the president returned to the White House late Tuesday night, the staff stood and applauded him.Catie Edmondson More

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    Fact-Checking Biden’s State of the Union Address

    The president’s speech contained no outright falsehoods, but at times omitted crucial context or exaggerated the facts.WASHINGTON — President Biden praised the economy as well as his legislative accomplishments and record on the world stage in his State of the Union address on Tuesday night.Mr. Biden’s speech contained no outright falsehoods, but at times omitted crucial context or exaggerated the facts. Here’s a fact check.What WAS Said“I stand here tonight, after we’ve created, with the help of many people in this room, 12 million new jobs — more jobs created in two years than any president has created in four years.”This needs context. The economy added 12.1 million jobs‌ ‌between January 2021, the month‌ when‌ Mr. Biden took office, and this January. By raw numbers, that is indeed a larger increase in new jobs over two years than the number added over other presidents’ full four-year terms since at least 1945. But by percentage, the job growth in Mr. Biden’s first two years still lags behind that of his predecessors’ full terms.Under Mr. Biden, jobs have increased by 8.5 percent since his term began. That jump is less than that in President Barack Obama’s first term (8.6 percent), President Bill Clinton’s first term (10.5 percent), President Ronald Reagan’s second term (11.2 percent) and President Jimmy Carter’s four years in office (12.8 percent).Mr. Biden is, of course, comparing his first two years in office with the entire term or presidencies of his predecessors, so the comparison is not equivalent. Moreover, Mr. Biden’s first two years in office followed historic job losses wrought by the coronavirus pandemic. Most important, presidents are not singularly responsible for the state of the economy. — Linda QiuWhat WAS Said“For too many decades, we imported products and exported jobs. Now, thanks to what you’ve all done, we’re exporting American products and creating American jobs.”This is misleading. Mr. Biden’s statement gives the impression that a decades-old trend has reversed, but the data tells a different story. American exports reached a new high in 2022, with exports of goods alone topping $2 trillion. But the United States also imported a record high last year, $3.3 trillion in goods — countering the notion that imports have slowed. As a result, the United States also recorded the highest ever trade deficit since 1970 of $950 billion, and a trade deficit in goods of $1.1 trillion. — Linda QiuWhat WAS Said“Inflation has been a global problem because the pandemic disrupted our supply chains and Putin’s unfair and brutal war in Ukraine disrupted energy supplies as well as food supplies.”This needs context. It is accurate that inflation has been global, and that supply chain issues tied to the pandemic have been a major driver of price increases. It is also true that food and energy disruptions tied to Russia’s invasion of Ukraine exacerbated it. But those factors did not spur inflation on their own: Supply chains became clogged in the first place partly because American demand for goods was abnormally strong during the pandemic.Biden’s State of the Union AddressChallenging the G.O.P.: In the first State of the Union speech of a new era of divided government, President Biden called on Republicans to work with him to “finish the job” of repairing the unsettled economy.State of Uncertainty: Mr. Biden used his speech to portray the United States as a country in recovery. But what he did not emphasize was that America also faces a lot of uncertainty in 2023.Foreign Policy: Mr. Biden spends his days confronting Russia and China. So it was especially striking that in his address, he chose to spend relatively little time on America’s global role.A Tense Exchange: Before the speech, Senator Mitt Romney admonished Representative George Santos, a fellow Republican, telling him he “shouldn’t have been there.”That surge in demand came as stuck-at-home consumers shifted their spending away from services and toward things like new furniture. Their spending was also fueled partly by stimulus checks and other pandemic aid. Several studies by economists at the Federal Reserve have found that government spending contributed to some, but far from all, of the inflation. — Jeanna SmialekWhat WAS Said“Food inflation is coming down.”True. Food inflation is beginning to slow, though it remains very rapid. Compared with a year ago, food prices are 10.4 percent higher. But monthly food price increases have been slowing steadily in recent months, coming down from a very swift rate in May 2022.Of course, the current situation does not feel great to many consumers: Food prices are still climbing from already-high levels. And some specific food products are much more expensive than last year. Eggs, in particular, have been a pain point for consumers in recent months. — Jeanna SmialekWhat WAS Said“Inflation has fallen every month for the last six months, while take-home pay has gone up.”This needs context. It is true that inflation has slowed for the past six months: That means that prices are still increasing, but they are doing so more gradually. The Consumer Price Index ticked up by 6.5 percent in the year through December, which is notably slower than the 9 percent peak in June. That pace is still much more rapid than the roughly 2 percent that was typical before the pandemic.It is also true that wages are climbing sharply compared with the pace that would be normal. But for much of 2021 and 2022, wage gains struggled to keep up with rapid price increases. That has recently begun to change: Average hourly earnings increases exceeded consumer price increases on a monthly basis in both November and December 2022. — Jeanna Smialek.css-1v2n82w{max-width:600px;width:calc(100% – 40px);margin-top:20px;margin-bottom:25px;height:auto;margin-left:auto;margin-right:auto;font-family:nyt-franklin;color:var(–color-content-secondary,#363636);}@media only screen and (max-width:480px){.css-1v2n82w{margin-left:20px;margin-right:20px;}}@media only screen and (min-width:1024px){.css-1v2n82w{width:600px;}}.css-161d8zr{width:40px;margin-bottom:18px;text-align:left;margin-left:0;color:var(–color-content-primary,#121212);border:1px solid var(–color-content-primary,#121212);}@media only screen and (max-width:480px){.css-161d8zr{width:30px;margin-bottom:15px;}}.css-tjtq43{line-height:25px;}@media only screen and (max-width:480px){.css-tjtq43{line-height:24px;}}.css-x1k33h{font-family:nyt-cheltenham;font-size:19px;font-weight:700;line-height:25px;}.css-1hvpcve{font-size:17px;font-weight:300;line-height:25px;}.css-1hvpcve em{font-style:italic;}.css-1hvpcve strong{font-weight:bold;}.css-1hvpcve a{font-weight:500;color:var(–color-content-secondary,#363636);}.css-1c013uz{margin-top:18px;margin-bottom:22px;}@media only screen and (max-width:480px){.css-1c013uz{font-size:14px;margin-top:15px;margin-bottom:20px;}}.css-1c013uz a{color:var(–color-signal-editorial,#326891);-webkit-text-decoration:underline;text-decoration:underline;font-weight:500;font-size:16px;}@media only screen and (max-width:480px){.css-1c013uz a{font-size:13px;}}.css-1c013uz a:hover{-webkit-text-decoration:none;text-decoration:none;}How Times reporters cover politics. We rely on our journalists to be independent observers. So while Times staff members may vote, they are not allowed to endorse or campaign for candidates or political causes. This includes participating in marches or rallies in support of a movement or giving money to, or raising money for, any political candidate or election cause.Learn more about our process.What WAS Said“We’re finally giving Medicare the power to negotiate drug prices.”This needs context. The Inflation Reduction Act, which Mr. Biden signed into law in August, does fulfill Democrats’ long-held goal of empowering Medicare to negotiate the price of prescription drugs directly with pharmaceutical makers. But the law has limits. The negotiation provisions do not kick in until 2026, when the federal government may begin negotiating the price of up to 10 medicines. The number of drugs subject to negotiation will rise over time. — Sheryl Gay StolbergWhat WAS Said“In the last two years, my administration has cut the deficit by more than $1.7 trillion — the largest deficit reduction in American history.”This needs context. The federal deficit did decrease by $1.7 trillion, from $3.1 trillion in the 2020 fiscal year to $1.4 trillion in the 2022 fiscal year, though Mr. Biden’s fiscal policies are not the sole factor.In fact, much of that decline can be attributed to the expiration of pandemic-era spending, according to the Committee for a Responsible Federal Budget, which advocates lower levels of spending. In February 2021, before the Biden administration enacted any fiscal legislation, the Congressional Budget Office estimated that the deficit would have reached $1.1 trillion in the 2022 fiscal year, less than what ended up happening.Coronavirus stimulus funding from 2021 added nearly $1.9 trillion to the deficit over 10 years, the budget office estimated. The budget agency also estimated that the infrastructure package added $256 billion to the deficit, though supporters disagreed with the analysis. The Inflation Reduction Act, which was the only significant piece of legislation to reduce the deficit, trimmed it by $238 billion over the next 10 years. — Linda QiuWhat WAS Said“Nearly 25 percent of the entire national debt that took over 200 years to accumulate was added by just one administration alone, the last one.”This needs context. Mr. Biden is correct that a quarter of the national debt was accumulated over the four years Mr. Trump was in office. But the former president did not unilaterally add to that amount. In fact, two major factors driving that increase were mandatory spending levels set long before Mr. Trump took office and bipartisan spending bills that were passed to address the pandemic.From the 2018 to 2021 fiscal years, the government collected $14.3 trillion in revenue, and spent $21.9 trillion, according to data compiled by the Congressional Budget Office. In that time, mandatory spending on programs such as Social Security and Medicare totaled $14.7 trillion alone. Discretionary spending totaled about $5.8 trillion.The budget estimated that Mr. Trump’s tax cuts — which passed in December 2017 with no Democrats in support — added roughly another $1 trillion to the federal deficit from 2018 to 2021, even after factoring in economic growth spurred by the tax cuts.But other drivers of the deficit include several sweeping measures that had bipartisan approval. The first coronavirus stimulus package, which received near unanimous support in Congress, added $2 trillion to the deficit over the next two fiscal years. Three additional spending measures contending with Covid-19 and its economic ramifications added another $1.4 trillion. — Linda QiuWhat WAS Said“Some Republicans want Medicare and Social Security to sunset. I’m not saying it’s a majority.”This needs context. President Biden implied that the Republicans who wanted to allow Social Security and Medicare to sunset were tying those demands to the fight over raising the nation’s debt limit.It is true that a couple of Republicans have suggested allowing those entitlement programs to sunset as mandatory spending, instead bringing them up for regular renewal. But Republicans have recently distanced themselves from such efforts. Speaker Kevin McCarthy, Republican of California, has said that cuts to Social Security and Medicare are “off the table” in talks over raising the debt ceiling, which Congress must vote to do in the coming month or risk a default on the government’s bills. Likewise, President Donald J. Trump has warned Republicans to leave the programs alone in the negotiations. Mr. Biden, nodding to lawmakers responding to his speech, acknowledged that it seemed that cuts to the programs were “off the books now.” — Jeanna SmialekWhat WAS Said“While the virus is not gone, thanks to the resilience of the American people and the ingenuity of medicine, we have broken the Covid grip on us. Covid deaths are down by 90 percent.”This needs context. On average, about 450 people in the United States are dying each day of Covid-19, according to a New York Times database. That number is way down from the roughly 3,200 Americans who were dying each day in early 2021, when the Omicron variant was ripping through the country. But the current daily average of Covid-19 deaths is higher than it was in December 2022, when roughly 250 Americans were losing their lives each day to the virus. — Sheryl Gay StolbergWhat WAS Said“We united NATO. We built a global coalition.”True. In response to Russia’s invasion of Ukraine in February 2022, President Biden led a huge political, economic and military response that has involved dozens of countries. Surprising many experts who predicted that the United States’ European allies would argue over strategy and lose their resolve, the 30-member North Atlantic Treaty Organization has shown a unity unseen since the aftermath of the Sept. 11, 2001, attacks and, a year after the Russian invasion, continues to supply vast amounts of weapons to Ukraine.That unity has not been perfect: NATO leaders have argued at times, including their recent tussle over whether and how to supply modern tanks to Ukraine. But many analysts believe it has surprised President Vladimir V. Putin of Russia, who did not anticipate such a strong degree of Western resolve.President Biden also successfully rallied dozens of nations beyond NATO to join in economic sanctions against Moscow, including Asian countries like South Korea and Japan. That coalition excludes major nations like India and China, which are supporting the Kremlin’s war machine through major purchases of Russian oil. But it remains among the broadest coalitions the United States has led against an adversary. — Michael CrowleyWhat WAS Said“But in the past two years, democracies have become stronger, not weaker. Autocracy has grown weaker, not stronger.”This lacks evidence. Experts say that President Biden took office after years of global gains for autocracy and deep problems for democracies — as illustrated by the Capitol riot on Jan. 6, 2021. According to the nonprofit group Freedom House, in every region of the world “democracy is under attack by populist leaders and groups that reject pluralism and demand unchecked power.”It is hard to say whether Mr. Biden has changed the situation. He has made the defense of democracies a core theme of his presidency and held a White House democracy summit in December 2021. He has worked to contain two major autocratic powers, building a coalition against Russia in defense of Ukraine — which has weakened its economy and isolated it diplomatically — and rallied allies to contest China’s political influence and technological gains. American voters rejected many election conspiracy theorists in the midterm elections last year.But Russia and, especially, China retain considerable foreign political influence. Brazil, the largest country in Latin America, had a far-right riot in the heart of its government last month. Italy elected a prime minister whose party has fascist roots. Huge crowds in Israel are protesting new right-wing government policies that opponents call an assault on democracy itself. Last February, The Economist magazine’s annual democracy index found that “global democracy continued its precipitous decline in 2021.” Mr. Biden’s rosier view is difficult to substantiate. — Michael Crowley More

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    Biden Makes His Business Case in the State of the Union Address

    The president took credit for strong job growth and his legislative agenda that’s boosted investment in infrastructure and clean energy projects.“I will make no apologies.”Pool photo by Jacquelyn Martin-Pool/Getty Images.Biden picks his battles President Biden delivered a State of the Union address to Congress on Tuesday night that was filled with dramatic moments, meant in part to jump start his 2024 re-election campaign.He also used the speech to press his economic priorities, from bolstering American manufacturing to extending his climate efforts. How far he advanced his causes, however, remains to be seen.Mr. Biden defended his record on the economy. He took credit for falling inflation and strong job growth, and listed promised benefits from his sweeping legislative agenda, including infrastructure, clean energy (even if he did acknowledge, “we’re still going to need oil and gas for a while”) and manufacturing laws that will pour trillions into the economy.He also urged Congress to back initiatives including raising a billionaires tax on the wealthy; expanding a measure in the Inflation Reduction Act that caps the cost of insulin at $35 a month; renewing the expanded child tax credit; and expanding Medicaid and affordable child care.He baited Republicans over social welfare programs. Mr. Biden accused some Republicans of threatening Social Security and Medicare, implying they wanted cuts in exchange for a deal to raise the debt ceiling. (That claim requires a bit of context.) Several lawmakers shouted in response; one, Representative Marjorie Taylor Greene of Georgia, yelled “Liar!”Mr. Biden responded that he had somehow gotten unanimity on the issue. “We all apparently agree, Social Security and Medicare is off the books now, right?” he said, leading a bipartisan round of applause for seniors.He kept up pressure on ripe political targets. Though Mr. Biden didn’t directly address the Chinese spy balloon incident, he pledged to make America more competitive and less reliant on China. “I will make no apologies that we are investing to make America strong,” he said. “Investing in American innovation — in industries that will define the future, and that China’s government is intent on dominating.”Mr. Biden also called out tech companies, demanding stricter limits on their collection of personal data, and oil giants, which he accused of raking in record profits from high energy prices instead of using their huge coffers to increase domestic production.How much cooperation Mr. Biden will get from Republicans and business is unclear. In Republicans’ rebuttal, Gov. Sarah Huckabee Sanders of Arkansas accused him of perpetrating a culture war. Corporate America was more circumspect: Suzanne Clark, the head of the U.S. Chamber of Commerce, reiterated her group’s support for the infrastructure law, but urged Biden to focus on striking more trade agreements and pulling back from what she said was overregulation.HERE’S WHAT’S HAPPENING The U.S. trade deficit balloons to $948 billion. The export-import gap jumped 12 percent in 2022, to a record, as Americans continued to spend more on imported goods than travel and entertainment. Trade data also showed growing deficits in goods with the likes of Mexico and South Korea, as manufacturers seek bases outside China.Microsoft announces A.I.-powered consumer internet tools. The tech giant promised versions of its Bing search engine and Edge browser that incorporate chatbots, drawing on a partnership with the ChatGPT creator OpenAI. Microsoft’s ambitions may be bigger: It’s reportedly planning to create software to let companies make their own ChatGPT-powered chatbots.Zoom plans to lay off 15 percent of its staff. The videoconferencing company acknowledged it had hired too many people during its pandemic boom, and needed to retrench as growth has slowed. Its C.E.O., Eric Yuan, said he plans to cut his salary for the coming fiscal year by roughly 98 percent and forgo a bonus.A former Coinbase employee pleads guilty to insider trading. Ishan Wahi, who was a product manager at the crypto exchange, had been accused of tipping his brother and a friend about tokens it planned to list, bringing about $1.5 million in illegal profit. He’s the first crypto insider to admit insider trading.Chobani’s founder urges U.S. companies to fund recovery efforts for the earthquake in Turkey and Syria. Hamdi Ulukaya, a Turkish immigrant, has partnered with the Turkish Philanthropy Funds to aid in recovery from the quake, which has a death toll above 11,000. He told DealBook that he has personally donated $2 million to the cause.Jay Powell sees a “bumpy” path ahead America’s red-hot labor market suggests that the world’s biggest economy may yet avoid recession. But this same dynamic has also thrust the Fed into a policy conundrum, with pressure for higher interest rates to tamp down inflation.In a question-and-answer session at the Economic Club of Washington on Tuesday, the Fed’s chair, Jay Powell, said he could see “the very early stages of disinflation,” but added that the easing in prices was likely to follow a “bumpy” path, particularly with hiring and wage growth proving strong.January’s jobs data surpassed the Fed’s forecasts. Mr. Powell said last Friday’s knockout nonfarm payroll report, which announced that employers added 517,000 new jobs last month, was “certainly strong — stronger than anyone I know expected.”Other data offered more encouraging signs for the U.S. economy. The Atlanta Fed’s GDPNow tracker forecasts that the U.S. will grow by 2.1 percent in the first quarter; it was predicting 0.7 percent a week ago. And even bearish economists are dialing down their gloomy expectations: “A potential recession in 2023 will likely be short and shallow,” Jeffrey Roach, the chief economist for LPL Financial, wrote to investors on Tuesday, while Goldman Sachs economists this week lowered their estimate of the likelihood of a U.S. recession to 25 percent.Investors were relieved that Mr. Powell gave no hint of a sudden shift in the Fed’s strategy. He reiterated that the central bank planned to keep raising borrowing costs to rein in consumer spending. That was enough to reassure investors that no big policy changes were coming soon: The S&P 500 rallied after his comments, snapping a two-day losing streak.A hedge fund catches meme fever Hudson Bay Capital Management has emerged as the mystery backer of Bed Bath & Beyond’s bold plan to cash in on its meme-stock cachet to raise $1 billion in emergency funds and avert bankruptcy.The hedge fund’s involvement in the deal highlights the meme-stock frenzy’s pull on big institutions. Shares in the struggling retailer, which has closed 400 stores in the past year as revenues slide, are up nearly 86 percent in the past month in extremely volatile trading that’s been largely influenced by day-traders betting on its survival. But the stock nearly halved on Tuesday, after the company announced it would sell a flood of new shares, which will dilute existing shareholders.Hudson Bay has underwritten the initial $225 million worth of shares that Bed Bath & Beyond is selling. It plans to underwrite another $800 million over time, if certain unspecified “conditions are met.” Hudson Bay also receives warrants to buy further stock at an advantageous price, which could prove lucrative if the retailer were to turn its business around.The deal with Hudson Bay came together within the past several weeks, two people familiar with the negotiations told DealBook. Late last month, JPMorgan Chase, which gave Bed Bath & Beyond a lifeline last summer by expanding its credit line, froze the retailer’s credit accounts after deeming the company in breach of the terms of its debt. As Bed Bath & Beyond raced to find cash to pay its debts, it had also been preparing for a bankruptcy — and possible liquidation — if the needed funds didn’t arrive.Whether this only buys Bed Bath & Beyond a temporary reprieve remains to be seen. “The fundamental story for Bed Bath & Beyond is so broken at this point,” said David Silverman, a retail analyst at Fitch Ratings. “I don’t know that a short-term cash infusion that could buy them a few months, a couple of quarters, is going to change their fate.” The Wedbush Securities analyst Seth Basham seconded that opinion, cutting the stock price target to zero.“U.S. hog farmers look at the pictures of those farms in China, and they just scratch their heads and say, ‘We would never dare do that.’” — Brett Stuart, founder of the research firm Global AgriTrends, is worried about disease risks from China’s high-density pig farms, which in some cases pack the animals into tower blocks.Adam Neumann opens up about his next act Since leaving WeWork, Adam Neumann has (largely) kept quiet about his future plans, including Flow, a venture that Andreessen Horowitz invested $350 million in last year. But he is finally revealing more about the start-up, via a talk he gave to an Andreessen Horowitz-organized conference in November.The main — if still vague — takeaway is that Flow owns and operates apartment buildings that aim to persuade tenants to stay longer by making them “feel” as if they’re owners rather than renters. (How is left unsaid.) Mr. Neumann used plumbing to illustrate the business advantages of this approach, according to Bloomberg:An important element of the business proposition is that renters who stay longer are more profitable, Neumann said. His theory is that people who feel a sense of ownership will stick around.The plunger factor would be an added benefit for Flow. “If you’re in an apartment building and you’re a renter and your toilet gets clogged, you call the super,” he said. “If you’re in your own apartment, and you bought it and you own it and your toilet gets clogged, you take the plunger.” That’s the difference, he said, “when feeling like you own something.”THE SPEED READ DealsApollo is reportedly in talks to buy a stake in CS First Boston, the investment bank that will be spun out of Credit Suisse. (WSJ)Carlyle is said to be in negotiations to buy Cotiviti, a health care tech company, from Veritas Capital for nearly $15 billion. (Bloomberg)Oaktree Capital and other hedge funds have snapped up Adani Group bonds in recent days, restoring investor confidence in the beleaguered Indian conglomerate. (Bloomberg)PolicyMarty Walsh, the U.S. labor secretary, reportedly will step down to lead the N.H.L. players’ union. (Daily Faceoff)Senator Josh Hawley, Republican of Missouri, said he wants to make 16 the minimum age to be allowed on social media in the U.S. (NBC News)Russia’s government is said to be pressuring the central bank to loosen fiscal policy as it enters the second year of its invasion of Ukraine. (Bloomberg)Best of the restAmerican start-ups laid off over 3,000 workers last month, up 1,700 percent from a year ago. Relatedly, Washington now has more tech vacancies than Silicon Valley. (Insider, WSJ)“The Secret Saudi Plan to Buy the World Cup.” (Politico)Voice actors say they’re increasingly being asked to sign away the rights to their voices — so they can be duplicated by A.I. (Vice)How Nestlé’s bet on a breakthrough treatment for peanut allergies went south. (Bloomberg Businessweek)LeBron James now owns the N.B.A.’s scoring record. (NYT)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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    7 Takeaways From Biden’s State of the Union Address

    President Biden delivered a plea to Republicans on Tuesday for unity in his second State of the Union address, but vowed not to back off his economic agenda and offered no far-reaching, new ideas in a speech filled with a familiar litany of exhortations from more than four decades in political life.Reading rapidly through his prepared remarks and occasionally sparring with his congressional adversaries in real time, Mr. Biden — at 80 the oldest president in history — used the biggest platform of his office to frame his argument for an expected re-election bid by portraying Republican policy proposals as out of step with most Americans even as he offered to work across the aisle.For Mr. Biden, the speech was a moment to demonstrate to his supporters that he still has the political skills to lead them to victory in 2024 even as polls show a large majority of Democrats want someone from a new generation (he would be 86 at the end of a second term). After a few stumbles at the beginning, the president turned energetic and combative, and even showed flashes of humor and effective off-the-cuff retorts to Republican hecklers in a setting not known for improvisation.His performance could help address doubts about his vigor as a 2024 campaigner.At key moments, Republicans heckled Mr. Biden with shouts of “liar” and angry shakes of their head. But if the goal was to rattle the president or demonstrate his frailty, it had the opposite effect. Mr. Biden snapped back at the Republican shouters with sharp retorts and even a sense of humor in some moments. When Republicans accused him of misstating their desire to cut Medicare and Social Security, the president turned the heckling against them, saying quickly that he was glad to see their “conversion” on the issue.For Mr. Biden’s supporters — some of whom have expressed doubts about whether he is up to another six years in office — the moment was an opportunity to imagine how the president will perform on the 2024 campaign trail. For the president’s campaign advisers, his agility on his feet was most likely a source of relief.He defined his rationale for a second term.In an hourlong speech, Mr. Biden repeatedly pledged that America needed to “finish the job,” a barely veiled argument that voters should give him a second term to do just that. Nearly a dozen times, he bragged about his administration’s accomplishments — on keeping drug prices low, increasing taxes on the wealthy, making child care and housing affordable, and more — but said he had more to do.After two years in office, the president’s assessment of the country’s progress was intended as a hinge to his next campaign, a way to set up the terms of debate, whether he faces former President Donald J. Trump again or another Republican contender.Biden’s State of the Union AddressChallenging the G.O.P.: In the first State of the Union speech of a new era of divided government, President Biden called on Republicans to work with him to “finish the job” of repairing the unsettled economy.State of Uncertainty: Mr. Biden used his speech to portray the United States as a country in recovery. But what he did not emphasize was that America also faces a lot of uncertainty in 2023.Foreign Policy: Mr. Biden spends his days confronting Russia and China. So it was especially striking that in his address, he chose to spend relatively little time on America’s global role.A Tense Exchange: Before the speech, Senator Mitt Romney admonished Representative George Santos, a fellow Republican, telling him he “shouldn’t have been there.”He scaled back his agenda for an era of divided government.Mr. Biden returned again and again to a familiar set of assertions that have become part of his presidential routine: a pledge to “restore the soul of the nation”; a promise to “build an economy from the bottom up and the middle out”; efforts to create “an economy where no one is left behind”; criticism of “big tech” and “big oil”; and references to advice for “Joey” from his father.But there were no major new initiatives in Mr. Biden’s address, a nod to the reality of divided government, with Republicans now controlling the House. That was a striking departure from the president’s previous appearances before a Democratic-controlled Congress, when he called for trillions of dollars in new spending to significantly reshape government programs on health care, child care, climate change, taxes, infrastructure and more.He did not back off from those priorities, some of which he managed to achieve, at least in part, over the past two years, and he renewed his call for others. But on Tuesday night, his focus was on less ambitious proposals aimed at stepping up efforts to cure cancer, improve mental health care, fight opioid addiction and help veterans.He emphasized threats to democracy at home and abroad.At the end of the speech, Mr. Biden returned to one of the biggest themes of his presidency — that the United States and the world stand at an “inflection point” in history, with democracy at stake at home and abroad. As he has before, the president linked “the Big Lie” about the 2020 election to the war in Ukraine, which threatens the sovereignty of a European nation for the first time in a generation.But unlike former President George W. Bush, who used his 2002 State of the Union address to declare an “axis of evil” on the eve of the Iraq war, Mr. Biden urged Americans to remain optimistic and hopeful as a way of inspiring supporters of democracy elsewhere. Declaring that “we are not bystanders to history,” the president said the United States must confront hate and extremism, referring to the Jan. 6 attack on the Capitol.The president talked up the economy, with a big focus on blue-collar workers.Mr. Biden spent the first half of his speech describing what he said was the nation’s economic progress, including a record 12 million jobs created in the first two years of his presidency. He ran through the economic benefits — many of them just starting to come online — from bills he signed to invest in infrastructure, advanced manufacturing and low-emission sources of energy, along with reducing the cost of prescription drugs.But the president lingered in particular on the parts of his agenda that he says would help blue-collar workers, often in parts of the country that have been left behind in the changing global economy. He stressed spending that will create high-paying jobs that do not require a college degree — clear outreach to the wide swath of swing voters in states like Pennsylvania and Michigan who did not graduate from college.Aides had said Mr. Biden would acknowledge in his speech the continued economic pain Americans feel, particularly from rising prices, and he did to a degree. But he spent most of his energy trying to sell workers on the gains the economy has made on his watch and casting himself as a fighter for their interests.He baited Republicans on Social Security and Medicare.Mr. Biden has regularly hammered Republicans over some members’ plans to reduce future spending on Social Security and Medicare. He did it again in the speech, and this time, he baited some Republican lawmakers into agreeing with him on the issue.Mr. Biden started by caricaturing a plan from Senator Rick Scott, Republican of Florida, which would force Congress to reauthorize existing programs, including Social Security and Medicare, every five years. “Some Republicans want Medicare and Social Security to sunset,” he said.Republicans in the chamber loudly objected to the characterization. Mr. Biden shot back: “Anybody who doubts it contact my office. I’ll give you a copy.”The Republican boos and objections grew louder. Mr. Biden parried back and forth with the critics in the crowd. Then he declared victory. “So folks, as we all apparently agree, Social Security, Medicare is off the books now, right? All right. We’ve got unanimity.”Biden made a forceful call for police accountability.Mr. Biden has always opposed the “defund the police” calls from some on the left of his party, but on Tuesday night he used his speech to condemn the lethal police beating of 29-year-old Tyre Nichols in Memphis and made an impassioned call for more police accountability.“Imagine if you lost that child at the hands of the law,” Mr. Biden said after pointing out that Mr. Nichols’s mother and stepfather, RowVaughn and Rodney Wells, were sitting in the first lady’s box, prompting a standing ovation. “Imagine having to worry whether your son or daughter will come home from walking down the street, playing in the park or just driving their car.”In an example of his instinct to reach for a middle ground, Mr. Biden, however, still struck a balance between pressing for change and expressing support for the police, whom he said were “good, decent, honorable people.” He called for supporting law enforcement with additional resources to increase training for officers.The president is limited in just how much he can reform state and local police departments. But he has faced increasing pressure from Democrats and supporters of overhauling the criminal justice system to push more forcefully for legislation advancing their goals.“Let’s commit ourselves to make the words of Tyre’s mom true,” Mr. Biden said. “Something good must come from this.” More

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    Trump Stages His Own ‘State of the Union’ After Biden’s Official Speech

    Eager to burnish his 2024 bona fides as some Republicans raise doubts about his third bid for the White House, former President Donald J. Trump stood Tuesday between two American flags — in his signature blue suit and red tie — and offered his own assessment of the nation.But even the first line was incorrect.“Here’s the real State of the Union,” Mr. Trump said.The real State of the Union was delivered earlier Tuesday by the sitting president, Joseph R. Biden Jr. For more than two years, Mr. Trump has repeated the lie that he won the 2020 election, falsely claiming that the election was stolen. His claims have been rebuked by numerous recounts, court rulings and assessments from his own administration.There was no other allusion to the last presidential race during Mr. Trump’s two-minute videotaped speech, which he released after Mr. Biden finished his address.Instead, Mr. Trump spent most of his video excoriating the Biden administration, while hitting on some of the same themes he had during two campaign events on Jan. 28, which were aimed at assuaging doubts about his 2024 campaign that have arisen in the establishment wing of the Republican Party.Former President Donald J. Trump introducing his South Carolina leadership team during a campaign event in Columbia, S.C., last month.Nicole Craine for The New York TimesMr. Trump, who has presided over three disappointing election cycles as the Republicans’ leader, held his first event at a New Hampshire state party gathering and then introduced his South Carolina leadership team in Columbia, S.C., in the statehouse hallway where lobbyists prowl during legislative sessions. Both were extraordinary settings for a politician known for upsetting the establishment and taking direct aim at longstanding public institutions.In his video on Tuesday, Mr. Trump said Mr. Biden was responsible for millions of undocumented immigrants who “have stormed across our southern border” and for a decline in real wages for 21 consecutive months.Mr. Trump, who is facing a criminal investigation into his handling of classified government documents and a criminal referral to the Justice Department from the House select committee that investigated the Jan. 6, 2021, attack on the U.S. Capitol, accused Mr. Biden of weaponizing the Justice Department. “And I’m a victim of it,” he added.“But the good news is we are going to reverse every single crisis, calamity and disaster that Joe Biden has created,” Mr. Trump said. “I am running for president to end the destruction of our country and to complete the unfinished business of making America great again.” More