Yellen's warning | The reconciliation game | Corporate tax panic

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VIEW IN BROWSER | SUBSCRIBE TUE, SEP 28, 2021 CNBC POLITICS EDITOR'S NOTE Hello,   It looks like the U.S. will hit its debt ceiling around Oct. 18. Democrats are trying to nail down the final details on their big social-services spending bill. And America's top CEOs are worried about a potential corporate tax hike.   Here are some stories we're following at CNBC Politics: Default warning: The U.S. is running out of time to raise its borrowing limit, putting its ability to pay its debt at risk. Treasury Secretary Janet Yellen has been pushing Congress to raise the limit for a while now, but her warning Tuesday had a new urgency. In a letter to House Speaker Nancy Pelosi, Yellen warned that the Treasury will run out of ways to stave off a potential default around Oct. 18. That's about three weeks from now. The price of reconciliation: It's crunch time for President Biden's ambitious economic agenda. The House is expected to vote on, and pass, the $1 trillion bipartisan infrastructure package this week. Then they'll need to tackle the reconciliation package, which as of now aims to spend $3.5 trillion to expand medical, elder and child care programs to support poor and working class families. Don't expect that $3.5 trillion price tag to last, though. Biden is hosting centrist Democratic Sens. Kyrsten Sinema and Joe Manchin at the White House on Tuesday. The two have balked at the cost of the reconciliation package, and will likely push Biden and progressives to swallow a smaller, somewhat cheaper bill. Stay tuned.  The CEO's lament:  The Democrats are calling for higher tax rates on rich families and big corporations to help pay for their plans to create jobs and keep millions out of poverty. America's top CEOs, unsurprisingly, aren't too keen on seeing corporate taxes go up – even though Democrats are pushing for rates that will be lower than they were before the Trump tax cuts went into effect over three years ago. Check out the results of the latest Business Roundtable Survey here. And another thing: Trump's "Apprentice" has become the teacher. Thanks for reading CNBC Politics.   Thoughts? Tips? Email us at CNBCPolitics@nbcuni.com.   Have friends or colleagues who might like this newsletter? They can sign up here.  Mike Calia @Michael_Calia KEY STORIES  Congress must raise debt limit by Oct. 18, Treasury Secretary Yellen warns in new letter as default looms Treasury Secretary Janet Yellen said Congress has until Oct. 18 to address the looming debt ceiling and avoid economic calamity. Biden meets with centrist Sens. Manchin and Sinema with Democrats' sprawling economic agenda at stake Biden and Democratic leaders are trying to get centrist Sens. Manchin and Sinema on board with their social safety net and climate plan. Top CEOs say they're worried about corporate tax hikes as Dems push bills aimed at boosting working families The Business Roundtable said CEOs have three big worries: Finding qualified workers, possible higher corporate taxes and slow Covid-19 vaccine uptake. U.S. needs to work with Europe to slow China's innovation rate, Raimondo says "We have to work with our European allies to deny China the most advanced technology so that they can't catch up in critical areas like semiconductors." Senate GOP blocks bill that would fund government and suspend debt limit Democrats are scrambling to find a way to prevent a government shutdown and a default on U.S. debt. Marvel Entertainment chairman, others accused of breaking law in Veterans Affairs scheme under Trump House Democrats accused three Donald Trump associates, including Marvel's chairman, of breaking the law in a plan to shape veterans' policies for their benefit. U.S., EU to discuss global trade and tech cooperation as they seek to counter China The urgency between the U.S. and European Union to cooperate on trade and tech broadcasts Western ambition to ante up for competition with China. 'Apprentice' star, former White House aide Omarosa Manigault Newman beats Trump in arbitration fight over book Donald Trump blasted "Apprentice" contestant Omarosa Manigault Newman after she won an arbitration ruling about a non-disclosure agreement with his campaign. Biden receives Covid booster shot live on camera President Joe Biden received a Covid-19 booster shot Monday, in accordance with the latest guidance from the Centers for Disease Control and Prevention. The Quad countries pledge to promote an Indo-Pacific region that is 'undaunted by coercion' U.S. President Joe Biden met the prime ministers of India, Japan and Australia on Friday for the first in-person Quad Leaders Summit in Washington.     Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS