President Joe Biden is traveling to a swing district in Michigan on Tuesday to promote his economic program, as Democrats in Washington continue to clash over details of a major social spending plan.
Biden is scheduled to speak at Howell, Mich, on both a bilateral infrastructure bill and its so-called Build Back Better Agenda, the White House said, adding that “investing in workers’ families will boost our economy, tax payments will be waived for the rich.” ”
This visit of the President comes at a time when lawmakers are adjusting their spending plans and deadlines in the midst of the conflict between democratic progressives and moderates.
Last week, House Speaker Nancy Pelosi canceled a planned vote on the বি 1 trillion infrastructure bill, and later announced a new target date of October 31 to pass the measure. Senate Majority Leader Chuck Schumer said top lawmakers next month will target infrastructure bills and broader democratic packages that target “human infrastructure,” climate change and other party priorities. The price tag of that large, so-called reunion package is expected to shrink from the original 3.5 trillion.
Views: Pelosi’s goal was to pass the infrastructure bill by October 311, as the r. 5 trillion social spending plan has been shrunk.
West Virginia’s Joe Manchin, a leading Senate Democratic moderate, said Tuesday he was not rejecting the .9 1.9 trillion and ২ 2.2 trillion packages, after previously offering মূল 1.5 trillion.
Biden’s speech will be in the Rape District. Alyssa Slotkin, a moderate Democrat who has not yet come up with a reconciliation package, reports Politico. Former CIA analyst Slotkin says he wants Democrats to go through the budget reconciliation process in favor of passing the infrastructure bill and then the rest of the discussion on Biden’s build-back better proposal, Politico notes.
Ahead of his remarks, Biden is scheduled to hold a virtual meeting Tuesday morning with Democratic House lawmakers on the bill, focusing on infrastructure and social spending.
Biden may again try to persuade Congress to raise the US debt limit, a day after warning that “the meteorite is about to crash into our economy” if the warning limit is not raised.
Treasury Secretary Janet Yellen said Tuesday that the United States would face another recession if Congress did not meet its debt limit. In an interview with CNBC, he said the failure of Congress to work would be “catastrophic.”
“It’s absolutely essential to do that,” Yellen said. He called October 18 a “deadline”.
US stock SPX,
After the previous day’s recession, there was more trading last Tuesday, led by Tex stocks.
Read now: Yellen says United States could sink into recession if Congress doesn’t work on debt
Marketwatch’s Victor Reckless and Greg Robb contributed to this report.