President Joe Biden's agenda was at risk of being derailed by divisions among his own Democrats, as moderates voiced anger on Wednesday at the idea of delaying a $1 trillion infrastructure bill ahead of a critical vote to avert a government shutdown.
The White House said talks over twin bills that would revitalize the nation's roads and airports and fund social programs and climate change measures, were at a "precarious" point as moderates and progressives disagreed over the scope of some $4 trillion in spending.
The House of Representatives is expected to vote on Thursday on a $1 trillion infrastructure bill already passed by the Senate, although some party leaders warned that vote could be delayed again - which would dismay moderates.
· House passes debt ceiling suspension that is doomed in the Senate
The House on Wednesday passed a bill to suspend the U.S. debt ceiling as the country barrels toward a first-ever default with no clear solution in sight.
Treasury Secretary Janet Yellen has told lawmakers the U.S. will run out of ways to pay its bills around Oct. 18. If Congress fails to suspend or raise the debt limit before the deadline, lawmakers risk a default that could cost millions of jobs, jeopardize government benefits and crash the financial markets.
· Debt ceiling worries start to rattle Wall Street
The slim-but-growing possibility of a fiscal crisis if Congress doesn’t act on the debt ceiling is getting increasing attention from U.S. investors and is filtering into certain asset prices, though few believe the nation will ultimately default.
Warnings have been rung from policymakers to Wall Street bankers of the risk that talks go down to the wire. Jamie Dimon, chief executive of JPMorgan Chase & Co (JPM.N), said the bank is preparing for what could be a "potentially catastrophic event," while New York Federal Reserve Bank President John Williams warned of potential negative market reaction if no solution is found to the debt-ceiling issue.
Reference: CNBC, Reuters
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