Trump (and Foes) Prepare for State of the Union: Starting Line

Feb. 20, 2026, 11:50 AM UTC

Trump Says SOTU Will Spotlight Economy

President Donald Trump addresses a joint session of Congress on March 4, 2025.
President Donald Trump addresses a joint session of Congress on March 4, 2025.
Photographer: Kent Nishimura/Bloomberg

Now that a whole year of his second term is under President Donald Trump’s belt, Tuesday’s speech to a joint session of Congress will be an official State of the Union address.

Trump said this week that he plans to talk about the economy — unsurprising after devoting so much of this presidency’s initial months threatening, negotiating, imposing, and litigating new tariffs. Though the trade gap for last year, at just over $900 billion, overall was essentially unchanged from 2024, the data showed record-high deficits with Mexico and Vietnam and, at the other end, the smallest trade deficit with China in decades.

Maeve Sheehey reports that as part of the Democrats’ preparations, House Minority Leader Hakeem Jeffries advised the rank and file to maintain decorum by sitting in “silent defiance” in the House chamber or go elsewhere.

More than a dozen Senate and House Democrats are planning to go instead to a rally on the National Mall hosted by the group MoveOn and media company MeidasTouch, Lillianna Byington reports.

There’ll be another event at the National Press Club, featuring political speakers and actor Robert DeNiro, and that one has an optional dress code: “green or frog attire — a symbol of peaceful defiance and civic participation.” The technical term for that is tactical frivolity.

The official Democratic Party response will be televised remarks from new Virginia Gov. Abigail Spanberger.

Demonstrators wear frog costumes at an Oct. 18, 2025 "No Kings" protest in Portland, Ore.
Demonstrators wear frog costumes at an Oct. 18, 2025 “No Kings” protest in Portland, Ore.
Photographer: Mathieu Lewis-Rolland/Getty Images

See Also: Trump Says He ‘Won’ on Affordability in Messaging Shift

Congress Returns

Congress returns next week with a lot more than Tuesday night’s speech on the agenda. Lawmakers still have to resolve the lapse of funding for the Department of Homeland Security, and there will be the unusual spectacle of a former president testifying to a House committee.

Both Bill Clinton and former Secretary of State Hillary Clinton are scheduled to appear in public sessions of the House Oversight Committee as part of that panel’s inquiry into the Jeffrey Epstein controversy.

More legislatively significant: a markup begins Monday on lawmakers’ latest attempt to update agriculture policy. As Skye Witley reported, the starting point is legislation (H.R. 7567) that would direct the Agriculture Department to study expanding crop insurance for specialty producers, increase farm credit borrowing limits, and make changes to federal food assistance programs for low-income households.

One controversial provision would preempt state pesticide restrictions. That provision would have an impact on chemical manufacturers such as Bayer, which has spent years defending thousands of lawsuits claiming its Roundup weedkiller causes cancer.

See Also:

War Prep

Another dynamic to watch on Capitol Hill: an effort to force a vote on a war powers resolution. Reps. Ro Khanna (D-Calif.) and Thomas Massie (R-Ky.) said they plan to make their push next week — a potential move that comes as Trump clusters aircraft carriers, fighter jets and refueling tankers in the Middle East.

Yesterday, the president said Iran has 10 to 15 days at most to strike a deal over its nuclear program.

See Also:

Eye on Tariffs

The Supreme Court is coming off a break, so today’s an opportunity for them to release their ruling on the legality of Trump’s “emergency” tariffs.

It would be bold timing because the justices get invited to the State of the Union and will be well-aware of how such a big decision days before the big speech could be viewed. A ruling against Trump would deliver his biggest legal defeat since returning to the White House.

The impact of Trump’s tariffs on the cost of imported goods is an issue for both consumers and businesses. Even Walmart, with its vast supply chain and scale, has warned of rising pressure. However, its chief financial officer, John David Rainey, said in an interview with Bloomberg News that he views tariff-driven inflation as having reached its peak or nearing it.

See Also:

Campaign 2026

State officials in Utah have asked a three-judge panel to decide by Monday whether they’re going to block the use of a court-imposed congressional district map.

GOP Reps. Celeste Maloy and Burgess Owens, whose districts are radically different under the new map, are among those seeking the preliminary injunction.

While they wait, a New York appeals panel gave a green light to a redistricting effort designed to eliminate the only Republican seat in New York City, Mike Vilensky reports.

Looking further ahead, Ken Tran examined the intersection of endangered incumbents and appropriators. His story looks at what changes could be coming after November. Read More

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To contact the reporter on this story: Katherine Rizzo in Washington at krizzo@bgov.com

To contact the editors responsible for this story: Keith Perine at kperine@bloombergindustry.com; Herb Jackson at hjackson@bloombergindustry.com

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