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GOP Leadership Fight: House GOP Whip Steve Scalise said this morning he backs Rep. Elise Stefanik (R., N.Y.) to replace embattled Rep. Liz Cheney (R., Wyo.) as GOP conference chairwoman amid frustration by party leaders over Ms. Cheney’s comments criticizing former President Donald Trump.

Trump's Facebook Account: Facebook was justified in banning then-President Donald Trump, the company’s independent oversight board ruled today, but in coming months it must decide whether the former president is permanently locked out of the platform.

Live Q&A: Join Executive Washington Editor Jerry Seib and tech columnist Christopher Mims at 3 p.m. ET today for a conversation about the Facebook oversight board’s ruling and what it means for the company, Republican leaders and political speech online.

White House: The administration continues to pitch the American Rescue Plan to the public. President Biden delivers remarks at 2 p.m. ET; Vice President Kamala Harris visits Rhode Island; and first lady Jill Biden visits Salt Lake City and Las Vegas.

President Biden set a new goal for 70% of the adult population to have at least one Covid-19 vaccine shot by July 4. The administration plans to reallocate some vaccine doses to states with higher demand and direct pharmacies to offer walk-in vaccinations, report Tarini Parti and Andrew Restuccia.

• 🦠 Latest updates: Newly reported Covid-19 cases in the U.S. fell Tuesday from a day earlier, but deaths rose, and the average number of vaccine doses administered continued to decline.

• BioNTech’s founders expect the pandemic to keep spreading until mid-2022, with infections ticking up again in developing countries.

• ▶️Video: India’s hold on vaccine distribution as it suffers a fast-growing outbreak is hampering vaccinations globally.

The Treasury Department said Wednesday it may have to take extraordinary measures to fund the government if the federal borrowing limit is reinstated this summer, but warned it could run out of cash much sooner than in previous debt limit episodes, reports Kate Davidson. Once the debt limit is reinstated, the Treasury can no longer tap bond markets to raise new cash to finance government operations.

Affluent Americans are worried about Mr. Biden’s proposed tax changes on capital gains from stocks, bonds and other assets. But one study shows that key changes would likely affect only the very wealthy, reports Rachel Louise Ensign.

The Biden administration is blocking a Trump-era regulation that would have made it easier to classify gig workers and others as independent contractors, a policy that had been sought by companies such as food-delivery and ride-sharing services, reports Eric Morath.

DHS will suspend a requirement that some spouses of immigrants legally employed in the U.S. submit new fingerprints to renew their visas, Michelle Hackman reports. The requirement resulted in tens of thousands of immigrants losing their work permits.

• U.S. demand for imported goods reached a record in March, further widening the trade deficit.

• The U.K. is open to U.S. proposals for a global minimum corporate-tax rate, provided there’s a fairer split of the tax take from U.S. tech giants, U.K. Treasury Chief Rishi Sunak said.

At the Wall Street Journal's CEO Council Summit, Treasury Secretary Janet Yellen expressed her confidence that the U.S. economy and employment will return to normal by next year. She also said she isn’t predicting higher interest rates as a result of Mr. Biden’s spending plans, walking back earlier comments, and that if there is any near-term increase in inflation, she expects it to be temporary. Here's a clip of her interview: 

• ▶️Video: Watch more highlights from WSJ’s CEO Council Summit.

• Mr. Biden’s China policy blends from the approaches of the Obama and Trump administrations, a top aide said.

Attorney General Merrick Garland outlined the Justice Department's $35.2 billion budget request in his congressional testimony Tuesday, saying the department needs more money to fight domestic terrorism, bolster enforcement of civil-rights law, and combat gun violence, among other priorities, reports Sadie Gurman.

• DOJ's budget request is an 11% increase from the previous fiscal year. During the Trump era, the department requested more modest budget increases each year. Congress ultimately sets the department’s funding.
• While Democrats generally praised Mr. Garland’s approach, some Republicans raised concerns that it would come at the expense of aggressive immigration enforcement and crime-fighting measures.

A man shot by at least one FBI agent after an hourslong standoff outside the Central Intelligence Agency’s headquarters has died, reports Alexa Corse. The man had emerged from his vehicle carrying a weapon outside the CIA’s headquarters Monday.

The Supreme Court appears unlikely to extend leniency to a career criminal under the First Step Act, despite the Biden administration’s last-minute decision to back the inmate’s claim that the 2018 criminal-justice overhaul applies to his crack-cocaine offense, Jess Bravin reports. 

• The lawyer for former Minneapolis police officer Derek Chauvin, convicted in the death of George Floyd, is seeking a new trial, alleging prosecutorial and jury misconduct.

• Federal prosecutors have asked a judge to appoint an outside authority to oversee a review of materials seized by FBI agents from Rudy Giuliani in their investigation into his work in Ukraine.

• The push to remove Rep. Liz Cheney as the GOP's third-ranking House member and support for Rep. Elise Stefanik as her successor is far from business as usual for House Republicans. (Politico)
• An analysis of House votes shows Rep. Cheney voted with former President Trump's position 92.9% of the time, while Rep. Stefanik did so 77.7% of the time. (FiveThirtyEight)
• India's entire delegation to this week's G-7 meeting of foreign ministers in London has been forced to self-isolate after several members tested positive for coronavirus. (The Guardian)

This newsletter is a production of the WSJ Washington bureau. Our newsletter editors are Kate Milani, Troy McCullough, James Graff, and Toula Vlahou. Send feedback to capitaljournal@wsj.com. You can follow politics coverage on our Politics page and at @wsjpolitics on Twitter.