President Biden on Wednesday said he is open to compromise with Republicans on his $2 trillion infrastructure and jobs plan, but stands by his proposal to finance the spending with tax increases on corporations and the wealthy. The president made the comments in response to Senate Minority Leader Mitch McConnell (R-Ky.), who earlier in the day said 100 percent of his focus is on stopping the Biden administration.

Biden’s speech comes as drama continues to unfold over whether Rep. Liz Cheney (R-Wyo.) will keep her No. 3 leadership post among House Republicans in the wake of her continued criticism of former president Donald Trump.

Here’s what to know:

  • Facebook’s Oversight Board upheld the social network’s decision to ban Trump in the aftermath of the Jan. 6 riot at the U.S. Capitol by his supporters, but it also gave the company six months to review the decision.
  • Trump is supporting Rep. Elise Stefanik (R-N.Y.) in her bid to replace Cheney as chair of the House Republican Conference, according to a person familiar with the situation.
  • Treasury Secretary Janet Yellen insisted she is not concerned about the risks of economic overheating after her earlier comments about inflation caused a brief panic on Wall Street.