US President Joe Biden. (Photo: Getty Images)

The hour-long address's first part focuses on Ukraine, followed by a second half aimed at domestic policy agenda.

Biden criticized Russia's military action in Ukraine and announced that the US will close its airspace to Russian planes and his administration is taking robust action to make sure the pain of the US sanctions is targeted at Russia's economy. He stressed that US forces will not be involved in the conflict with Russia in Ukraine but will only go to Europe to protect NATO allies if Russia continues to move west.

President Biden pledged his administration will use every tool at its disposal to protect American businesses and consumers from the effects of sanctions on Russia. Specifically, the United States has agreed, along with 30 other countries, to release 60 million barrels of oil from reserves around the world, half of which comes from US strategic reserves.

Domestically, President Biden highlighted the achievements of his American Rescue Plan, including efforts to vaccinate and fight the Covid-19 pandemic, economic support for millions of Americans, creating 6.5 million more jobs in 2021, the most jobs created in a year in US history, and the economy growing 5.7% last year, the strongest growth in nearly 40 years.

Emphasizing the passing of the Bipartisan Infrastructure Law, President Biden said it will “put the US on a path to win the economic competition of the 21st century.” This year the US will begin repairing nearly 105,000 kilometers of highways and 1,500 bridges in an effort to modernize infrastructure in the US.

President Biden called on Congress to pass innovation legislation to increase investment in emerging technologies and the manufacturing industry that creates more products made in the United States. He outlined a plan to address high inflation in the US including increasing products made in the US, strengthening supply chains, improving the speed and cost of transporting goods, helping small businesses develop and protecting consumers. According to President Biden, his plan to rebuild better is to increase the production capacity of the US economy.