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Happy Monday and welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. Subscribe here: thehill.com/newsletter-signup.

Todays Big Deal: High tensions and high stakes between House progressives and Sen. Joe ManchinJoe ManchinWhite House unveils strategy for 2050 net-zero goal Biden sets off high-stakes scramble over spending framework Buttigieg twins dress as 'twinfrastructure' for Halloween MORE (D-W.Va.) Well also look at the latest on the debt ceiling and stablecoin rule proposals.

For The Hill, Im Sylvan Lane. Write me at slane@thehill.com or @SylvanLane. You can reach my colleagues on the Finance team Naomi Jagoda at njagoda@thehill.com or @NJagoda and Aris Folley at afolley@thehill.com or @ArisFolley.

Lets get to it.

Manchin frustratesDems with latest outburst

Sen. Joe Manchin (D-W.Va.) on Monday refused to sign off on a $1.75 trillion social spending and climate measure at the heart of President BidenJoe BidenWhite House unveils strategy for 2050 net-zero goal Southwest investigating report pilot said 'Let's go Brandon' on flight House Rules Committee won't meet Monday on reconciliation package MOREs economic agenda, throwing a wrench into plans for a swift House vote this week.

The upshot: His words had a deflating effect on Democratic colleagues who had hoped Manchin would be more of a team player,taking a potential Tuesday vote on the infrastructure bill off the table.

I say at some point, close the deal, Senate Democratic Whip Dick DurbinDick DurbinBiden sets off high-stakes scramble over spending framework Manchin, Sinema put stamp on party, to progressive chagrin Manchin signals he'll support .75T price tag for spending plan MORE (Ill.) said with a little exasperated sigh when asked by reporters about Manchins comments.

Sen. Mazie HironoMazie Keiko HironoDemocrats face ire of women over loss of paid leave Patience wears thin as Democrats miss deadlines Democrats face critical 72 hours MORE (D-Hawaii) also expressed her growing impatience and frustration.

I would like to ask Joe Manchin, You know what Joe, we really need to be moving.' ... I don't think we're moving too fast, she said.

Jordain Carney and Alexander Bolton have the latest here.

House Democrats brush off Manchin: While liberals were exasperated, Democratic negotiators in the House said theyre on the brink of sealing a deal on Bidens economic agenda despite Manchins barbs.

We intend to pass both bills through the House in the next couple of days, Rep. Pramila JayapalPramila JayapalBiden sets off high-stakes scramble over spending framework Officials, lawmakers express optimism that infrastructure, spending vote is near Infrastructure setback frustrates Democrats nearing victory on spending MORE (D-Wash.), the head of the Congressional Progressive Caucus, told CNN Monday not long after Manchins press conference.

The state of play: Negotiators worked through the weekend and into Monday to iron out the last stubborn wrinkles in the $1.75 trillion plan talks that seemed to focus most intently on a contentious provision to rein in prescription drug prices.

I believe that the president is speaking out of the experience that he has had of negotiating ... with these senators, she said. So I trust the president; he's going to deliver 51 votes. And I think we just need to bring all the temperature down a little bit.

Mike Lillis and Scott Wong bring us up to speed.

A MESSAGE FROM CITI

Tackling the startup worlds gender, race and ethnic funding gap.

With our $200 million Impact Investment Fund we are seeking opportunities to invest in businesses that are led or owned by women and minority entrepreneurs, helping to create equitable access to venture capital funding.

LEADING THE DAY

Yellen says reconciliation a 'viable' way to tackle debt limit

Treasury Secretary Janet YellenJanet Louise YellenG-20 leaders endorse global minimum tax On The Money The big business wins in Build Back Better Yellen says spending bill would lower inflation, reduce household costs MORE said using a budget procedure known as reconciliation is a viable solution to raising the debt ceiling for Democrats if Republicans wont take action to prevent the nation from defaulting on its national debt.

In a recent interview with The Washington Post, Yellen reiterated that tackling the debt ceiling should absolutely be done on a bipartisan basis, as it has in the past. But if a current standoff between Republicans and Democrats over the debt ceiling doesnt let up, Yellen said Democrats may have to handle the problem themselves.

If Democrats have to do it by themselves, thats better than defaulting on the debt to teach the Republicans a lesson, she said.

To me, as the person who has to pay the bills and watches this on a daily basis our funds dwindling in our account over time I very much want to make sure that this is addressed. And this Section 304 procedure is one way in which that could occur, Yellen said, referring to a section of the budget procedure she said could be used to tackle the debt ceiling.

Aris Folley has more here.

REALM OF THE COIN

White House, bank watchdogs call for tougher stablecoin oversight

Two federal bank regulators and a White House commission on Monday called for increasing federal supervision and regulation of digital tokens with values tied to government currencies or other financial assets.

In a Monday report, the Federal Deposit Insurance Corp. (FDIC), Office of the Comptroller of the Currency (OCC) and the Presidents Working Group on Financial Markets said Congress should pass legislation bringing so-called stablecoins under close federal watch.

I break it down here.

JES WALKS AWAY

Barclays CEO stepping down after Epstein probe

Barclays CEO Jes Staley is stepping down from his post following an investigation into his ties to convicted sex offender Jeffrey Epstein.

In a statement on Monday, Barclays said the company and Staley were informed of the probes preliminary findings on Friday evening, which led to the resignation decision.

In view of those conclusions, and Mr Staleys intention to contest them, the Board and Mr Staley have agreed that he will step down from his role as Group Chief Executive and as a director of Barclays, the bank said, according to CNBC.

While it did not reveal many details on those conclusions, Barclays did say the investigation makes no findings that Mr. Staley saw, or was aware of, any of Mr Epsteins alleged crimes, which was the central question underpinning Barclays support for Mr Staley following the arrest of Mr Epstein in the summer of 2019.

Mychael Schnell has more here.

A MESSAGE FROM CITI

Tackling the startup worlds gender, race and ethnic funding gap.

With our $200 million Impact Investment Fund we are seeking opportunities to invest in businesses that are led or owned by women and minority entrepreneurs, helping to create equitable access to venture capital funding.

Good to Know

A group of about 250 millionaires on Monday urged top Democrats to include a proposal to tax billionaires' investment gains annually in their social-spending package, after the proposal was left out of a framework the White House released last week.

Heres what else have our eye on:

Thats it for today. Thanks for reading and check out The Hills Finance page for the latest news and coverage. Well see you tomorrow.

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On The Money Presented by Citi Progressives shrug off Manchin warning | TheHill - The Hill

With less than a week until Election Day, Governor Phil Murphy got the support of a national leader known for drawing impassioned crowds: Bernie Sanders, who traveled to Rutgers University on Thursday to stump for Murphy.This is a late-in-the-race indication that party leaders know that they need to boost enthusiasm among progressive Democratic voters in this off-year election.

If Murphy succeeds over his Republican challenger on Tuesday, he will be the first Democratic governor to win re-election in New Jersey since 1977. And for that, hell owe a debt to progressives. Not just because of a late visit by Bernie, but to the many grassroots progressive groups that have spent the past four years pushing Murphy to deliver on popular progressive policies in the state, keeping left-leaning voters engaged in the process.

Founded in 2016 after Bernies historic presidential run, members of Our Revolution New Jersey have been active across NJ; with 12 local chapters and a statewide network of activists, we have pushed forward Bernies progressive platform and advancing working-class priorities. We organized rallies to hold Rep. Gottheimer accountable to NJ voters.

During Murphys first term in office, OR NJ Activist helped turn universal sick leave and a statewide $15 minimum wage from policy proposals into a reality. We organized to oppose a partisan gerrymandering bill, mobilized for cannabis justice and rallied for Medicare for All. OR members are engaged at the local level working hard to support progressive candidates and turning out the vote in local and statewide elections.

Bernie Sanders inspired an entire generation of us to get active in New Jersey politics. But here in the Garden State, it is virtually impossible to run for office as progressive; or as a young candidate, or as a woman or as a candidate of color.Why? Because New Jerseys unique and undemocratic ballot design the County Ballot Line has become a systemic barrier that helps keep status-quo politicians in place, leaving independent and progressive voters disengaged with politics.

For those who havent spent time scrutinizing their ballot, The Line refers to the cohesive column of candidates on primary ballots with incumbents names listed under the candidate running at the top of the ticket. Voters accustomed to voting the party line do exactly that and as a result, New Jersey primary elections are essentially noncompetitive. No incumbent on the line has lost for state office in 12 years, or federal office in over 50.

As activists inspired by Bernies Not Me. Us message under the Our Revolution New Jersey umbrella, we are energized by the possibilities of politics to deliver real change for people. But, the fact of the matter is most New Jerseyans think politics in the state is corrupt and that their vote doesnt matter. Between party bosses hand-selecting candidates and district gerrymandering ensuring the party boss pick is elected, its not hard to see where that perception comes from.

If party leaders would embrace competitive primary elections and abolish the line ballot system, it would help re-engage voters in the democratic process and diversify the field of candidates. It would strengthen democracy in our state. It would help Democratic candidates up and down the ballot and increase voter turnout. And, yes, it would give progressives a fighting chance in primary elections.

On many issues affecting our communities, Our Revolution New Jersey is aligned with Gov. Murphy. We support him on economic rights, equal pay, womens rights, paid leave, housing justice, and other issues.

On electoral issues, we are calling on New Jersey Democrats and Gov. Murphy to embrace diversity in our Democratic party. In order to energize a truly diverse coalition of voters, we need representation that looks and feels like the real New Jersey we live in.

Elections do have consequences and therefore we call on all Bernie progressives in New Jersey to exercise your right to vote for the candidate that aligns with our progressive ideas.

Lets continue working together to make New Jersey a truly progressive state.

Anna-Marta Visky is the state organizer of Our Revolution New Jersey. Our Revolution is dedicated to organizing a political revolution strong enough to challenge the structural forces that threaten our survival as a society. Together, we are building a national grassroots network of powerful local groups who are fighting to win progressive issue fights, elect progressive champions, transform the Democratic party and get big money out of politics.

(Visited 855 times, 57 visits today)

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When Re-elected, Murphy Will Owe a Debt to Progressives; Here's What We Want In Return - InsiderNJ

One of President Bidens top economic advisors has a succinct message for the progressive wing of the Democratic party: We need to take this win, Heather Boushey, a member of the White House Council of Economic Advisers, told Yahoo Finance.

In order to get "this piece of legislation across the finish line, everyone needs to be on board, she said.

So far that message also delivered by President Biden during a meeting on Capitol Hill on Oct. 28 before leaving for Europe hasnt yet been heeded.

Sen. Bernie Sanders (I., Vt.) has said the trimmed down legislation is significant but the framework is one I want us to make better." The tension among Democrats has also been evident after House Speaker Nancy Pelosi was reportedly kicked out of the meeting of progressives who were mulling their next moves.

The White House announced the $1.75 trillion "framework" Thursday which included investments in universal preschool and limiting child-care costs for some families; around half a trillion dollars for combating climate change; and an extension of expanded health care tax credits.

President Joe Biden, along with Speaker of the House Nancy Pelosi, leaves a meeting with the House Democratic Caucus on the reconciliation package Thursday. (Tom Williams/CQ-Roll Call, Inc via Getty Images)

At the same time, other programs like free community college, paid family leave, and a climate program known as the CEPP, were dropped from the package.

Story continues

Much of the frustration among progressives stems from the outsized role two moderate Democratic senators Joe Manchin of West Virginia and Kyrsten Sinema of Arizona have played in the process. Because Democrats cant afford to lose a single Democratic vote in the Senate, those two Manchin and Sinema have been able to single-handedly dictate which provisions stay or go.

During a TV appearance Thursday night, Rep. Pramila Jayapal (D., Wash.), the chair of the House Progressive Caucus said her members are with the president in principle, but will not support a vote on the infrastructure bill without a full legislative text and a vote on the Build Back Better Act on the same day, citing concerns about changes that have continued to come from two senators, a clear reference to Manchin and Sinema.

Jayapal also noted that there are things floating around that could be additive to this framework around issues like prescription drug pricing and paid family leave. Both issues had been addressed in the initial $3.5 trillion bill but dropped for the slimmed down $1.75 trillion version.

Representative Pramila Jayapal (D.-Wa), center, speaks to the press on Capitol Hill after a meeting of the Congressional Progressive Caucus. (MANDEL NGAN/AFP via Getty Images)

Not everything that we want is in this legislation, Boushey said, but progressives who want more should recognize this is an incredible achievement that we've come this far and that the president has the commitment of enough members of the Senate to get this passed.

Biden is also committed to keep fighting for those pieces that ended up getting cut, Boushey added.

At the moment, progressives have stood firm against the White House's entreaties, and again delayed a vote on the bipartisan infrastructure bill Thursday night. Speaker Nancy Pelosi (D., Calif.) had hoped that bill which passed the Senate with bipartisan support in August could be passed into law on Thursday as lawmakers flesh out the framework of the larger social spending package.

It didnt happen. Late Thursday, Democratic leaders announced they would vote on a temporary transportation funding bill to push the deadline for passing the bipartisan infrastructure bill and that it would be the last vote of the week.

Ben Werschkul is a writer and producer for Yahoo Finance in Washington, DC.

Here's what's in the $1.75 trillion framework Biden is pitching to Congress

How the White House is trying to shake off the loss of a key climate provision

The backlash against effort to raise taxes is almost religious fervor, says Commerce secretary

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, YouTube, and reddit.

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Biden economic advisor: Progressives 'need to take this win' - Yahoo Finance

The perennial dilemma for congressional progressives has always been that while they have a working moral conscience, their opponents dont.

This fundamental quandary is at work yet again, as progressives, after gamely holding the line for months on the Democrats infrastructure bills, are now coming under intense pressure to swallow another loss, smile, and say thank you. As Senator Joe Manchin, the public face of the corporate-funded wrecking ball thats been taken to the partys once-ambitious plans, reportedly told Bernie Sanders behind closed doors, hes willing to go without any of the reconciliation bills measures passing, let alone the tatters that are left of it, if progressives continue to insist on their $3.5 trillion framework.

So progressives are back in a familiar situation. They can either stand firm and, ultimately, make good on their threat to torpedo both parts of Bidens infrastructure proposal and, so, his entire presidential agenda winning nothing for their constituents in the process. Or they can accept the watered down reconciliation bill and get something done for the country in a moment of profound insecurity, no matter how inadequate, while putting on a brave face.

The choice is clear: they should reject the party leaderships advice to just pretend theyre winning, refuse to back this weakened package, and, if it comes to it, vote down the bipartisan bill, too. Consider why this is the most rational course of action.

Its not an argument made lightly. The country and world are in a moment of profound crisis, and Democrats desperately need to use the brief window of power they have to show they can act to improve peoples lives. The fact that theyre going into the 2022 midterms with little to excite their base and stave off a right-wing comeback only adds to the urgency.

Normally, this would be the kind of situation perfectly designed to nag at progressives conscience and force them to accept less than they ideally should. But at this point, Manchin, Kyrsten Sinema, and the handful of right-wing Democrats hiding behind them have gone so far in dismantling the reconciliation bill, that there should be no moral agonizing by progressives.

Back in June, I argued that if it came time to play hardball, progressives wouldnt have to feel an ounce of guilt if they decide to torpedo this deal, for several reasons: namely, that its climate provisions were already far below the level of investment needed to do much of anything to stave off planetary disaster; and that the provisions of the bipartisan infrastructure package thats paired with it were so bad, theyd be doing working Americans a favor by killing it. That was back when the bill had already been nearly halved to $3.5 trillion.

Months later, with Manchin and Sinema having now hacked that compromise to pieces, whatever moral imperative existed for passing it has been completely wiped out.

The dire emergency of climate change with scientists warning of a ghastly future of mass extinction and talking about a code red for humanity was once the main reason to back the compromise bill, and used to be a red line for progressives. But coal baron Manchin has now successfully stripped the bill of every meaningful attempt to tackle the crisis, leaving some tax credits and $30 billion worth of spending a year, a sum not remotely serious for dealing with the issue. And hes reportedly not done yet. This is unconscionable, especially when you consider this bill is widely acknowledged as the last chance for maybe a decade to take legislative action on this ticking time bomb.

Its a similar point for the human infrastructure parts of the bill. The politically expedient rationale was that by making a positive difference in the lives of tens of millions of voters, the party would be rewarded in the 2022 midterms. But look at everything thats been cut: no longer will Medicare eligibility be lowered to sixty years old, nor will the program be expanded to cover vision, hearing, and dental or be empowered to negotiate for cheaper drug prices; two free years of community college are gone; universal child care has been turned into a means-tested subsidy program that will spike costs for middle-class families; the popular child tax credit now looks to be means-tested, have a work requirement, and last only one more year; and Manchins now reportedly also demanding that Medicaid expansion be gutted, and that paid family leave be scaled back or cut entirely.

For those counting, thats sacrificing working parents, middle-class families, the poor, young adults, and seniors, the most reliable midterm voting constituency. Never mind what will happen when Democrats yet again fail to deal with out-of-control drug prices, a promise theyve been making for nearly thirty years and which they won back the House with in 2018. No one can argue with a straight face anymore that this bill is any sort of backstop against electoral annihilation.

Meanwhile, the bipartisan infrastructure deal that I called worse than nothing in June hasnt changed. Still intact are its menacing provisions to find unemployment insurance fraud and to sell control of US infrastructure to Wall Street as Trump tried to do, at which point theyll gouge ordinary Americans with more road tolls and other user fees. These outrageous provisions might have been worth swallowing if it came with what the reconciliation bill originally promised. But is whats left really a fair trade for privatizing US infrastructure and attacking working-class Americans?

In other words, Manchin, Sinema, and the rest have eliminated their most powerful bit of leverage over progressives: their moral agony, and their concern about protecting democracy. Progressives no longer need to feel conflicted about sticking to their guns and torpedoing the entire thing.

There are actually quite a few gains for progressives if they take a page out of Manchins book and play hardball like this.

One is protecting their own credibility. Progressives have, rightly, made much of the fact that they havent rolled over under pressure like theyve tended to do for years and years, and these negotiations were meant to herald a new era of progressive backbone, turning them into a real force that wouldnt be pushed around anymore.

Acquiescing now after virtually every one of their red lines has been crossed, and all at the behest of a much smaller faction of corporate-bought lawmakers, would undo all of this, prove their most cynical detractors right, and ensure their threats are never taken seriously again.

Two, progressives shouldnt forget theyre not the only ones with something to lose here. For all of Manchins posturing, remember the full sum of what he told Sanders last week, as recounted by Senator Chris Coons: We should just pass the infrastructure bill and, you know, pause for six months. [emphasis mine]

As Manchin let slip, hes not actually comfortable with zero. In fact, he and his fellow naysayers are quite desperate to pass the bipartisan infrastructure bill, with its much-needed improvements to physical infrastructure and its corporate giveaways, because its what their corporate masters want. While opposing the reconciliation bill, corporate America from the Chamber of Commerce and the National Association of Manufacturers to the National Retail Federation and many more big business groups are fully behind that part of Bidens agenda. Call Manchins bluff and see how much he sweats when he goes back to his corporate patrons empty-handed.

On top of this, progressives should thirdly keep in mind that digging in puts the onus on Democratic leadership to finally put pressure on this desperate right-wing bloc. Remember that if both of these bills fail which they will, without every single Democratic senator and almost every House Democrat on board Joe Biden potentially goes down in history as a failed president with only one significant legislative accomplishment.

This is a dire prospect for a legacy-minded politician like Biden, whos dreamt all his life of being president and was reportedly thrilled earlier this year when the press declared him a bolder leader than Barack Obama, whose subtle disdain for him fueled years of quiet seething from Biden.

So theres a strong case to be made that, especially in the reconciliation bills current hollowed-out form, Biden and conservatives like Manchin have much more at stake here than progressives do. Faced with not getting what they want against a steadfast progressive bloc, itll be their turn to make some concessions.

In many ways, Manchin and the rest have done progressives a favor. Had they stuck to, say, just killing the clean electricity standard while leaving everything else in place, or only watering down one or two safety net provisions, congressional progressives might have been facing a truly difficult choice.

Instead, theyve gone so far in undermining the bill that theres little-to-no rationale for progressives to be morally blackmailed into accepting it. They should call Manchins bluff, use the partys slim majorities to stand firm and block both of these bills, and leave the corporate Democrats in the corner theyve painted for themselves until theyre ready to make concessions. Morally, tactically, and politically, theyd be right to do it. Anything else is not just a mistake its a betrayal.

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There's No Reason for Progressives to Vote for the Watered-Down Infrastructure Bill - Jacobin magazine

House progressives say they're willing to stop holding the bipartisan infrastructure bill hostage based on a presidential promise.

Why it matters: A key sticking point for progressives supporting the $1.2 trillion bipartisan infrastructure bill was their requirement the Senate first pass the nearly $2 trillion social safety net expansion they favor. Now, they say senators only have to promise they'll do so before they support the BIF.

Driving the news: Rep. Mark Pocan (D-Wis.) told Axios 30 members of the Progressive Caucus executive board were reassured by President Biden's pledge that all 50 Democratic senators will pass the social spending bill.

Driving the news: Support from the vast majority of House progressives is needed without dozens of Republican votes in that chamber.

What they're saying: Rep. Jamaal Bowman (D-N.Y.) echoed the sentiment.

But, but, but: Not all progressives are satisfied with just words.

Be smart: House Speaker Nancy Pelosi called on the House Rules Committee to hold a hearing Thursday focused on the social spending package legislation another sign of progress in the complicated and intertwined negotiations.

Continue reading here:
The progressive promise - Axios