Watch Live: Biden holds first formal press conference of 2022

President Joe Biden speaks before a bill signing ceremony in the South Court Auditorium on the White House campus, Nov. 30, 2021, in Washington. (Evan Vucci/AP Photo)

President Biden is holding his first formal press conference of the year at the White House. The event comes as the administration faces numerous challenges, including the surging coronavirus pandemic and ongoing supply chain issues.