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Debt Ceiling Raised But Doubts Remain Over Build Back Better

US
  • Senate Democrats today voted 50-49 to the raise the debt limit by USD$2.5 trillion to USD$31.4 trillion. The House followed suit with a vote of 221-209.
  • House Majority leader Chuck Schumer’s (D-NY) ambition to pass the nearly USD$2 trillion social spending package Build Back Better by Christmas is in doubt. Senator Joe Manchin (D-WV) who has consistently voiced concerns about the bill, is reportedly unconvinced by crisis talks with President Joe Biden on Monday and Tuesday. Manchin remains sceptical over the scope of the bill and the 10-year costs associated with the legislation.
  • The question of how hard to push Manchin is dividing Democrats. Many recognise Manchin’s delicate position as a Democratic senator in a Republican state but he continues to be an obstacle to Biden’s legislative agenda.
  • If Build Back Better is delayed until the new year, the government’s monthly child tax credit payments will expire. The child tax credit policy is popular amongst Democratic lawmakers and the expiration of the policy will be considered another political setback for Joe Biden
USHomepagePolitical Market NewsPolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets
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