Biden will discuss his plan to fight inflation, which he says will aim to lower both costs and the deficit, according to an excerpt of his State of the Union address released by the White House.

"We have a choice. One way to fight inflation is to drive down wages and make Americans poorer. I have a better plan to fight inflation," he said in the prepared remarks.

"Lower your costs, not your wages. Make more cars and semiconductors in America. More infrastructure and innovation in America. More goods moving faster and cheaper in America. More jobs where you can earn a good living in America. And, instead of relying on foreign supply chains -- let’s make it in America," the speech continues.

"Economists call it 'increasing the productive capacity of our economy,'" the president said in the prepared remarks. "I call it building a better America."

Biden will call out Russian President Vladimir Putin by name in his State of the Union address, saying that Putin's actions in Ukraine have solidified the NATO alliance, according to an excerpt of his prepared remarks released by the White House.

"Putin’s war was premeditated and unprovoked. He rejected efforts at diplomacy. He thought the West and NATO wouldn’t respond. And, he thought he could divide us here at home," Biden is expected to say. "Putin was wrong. We were ready."

-ABC News' Justin Ryan Gomez

President Joe Biden tonight will shy away from any suggestion of "mission accomplished" when it comes to the pandemic, or even that the virus had morphed into an "endemic" state -- a term reserved to describe a virus that persists but is mostly predictable -- a White House official told ABC News.

Instead, the official described the president's speech as noting the nation is now able to "move forward safely in a way in which COVID no longer disrupts our lives the way it has previously."

The president also will "emphasize the need for the U.S. to remain vigilant in the face of an unpredictable virus, including by preparing for future variants," said the official, speaking on condition of anonymity in order to discuss details in advance of the speech.

-ABC News' Anne Flaherty

Republicans are tapping Iowa Gov. Kim Reynolds to deliver the Republican response to Biden’s State of the Union address, seizing an opportunity to feature a rising female leader in the party.

Reynolds’ staunch conservative approach on "culture war" issues, such as prohibiting "critical race theory" in schools, and opposition to strict mandates and statewide lockdowns during the pandemic make her an appropriate fit for the message Republicans want to send.

In a preview of tonight’s speech, Republican National Committee Chairwoman Ronna McDaniel said Republicans plan to offer an "optimistic alternative method to Joe Biden" as it relates to his foreign policy, rising gas prices and inflation, the border, crime, and the Biden administration’s pandemic response.

-ABC News' Lalee Ibssa