Biden social spending bill in limbo; Business mobilizes to oppose Dem tax proposals; Virginia governor’s race in a dead heat

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VIEW IN BROWSER | SUBSCRIBE FRI, OCT 29, 2021 CNBC POLITICS EDITOR'S NOTE Good afternoon,   This is CNBC politics news editor Spencer Kimball filling in for Mike Calia.    President Joe Biden's domestic agenda is in limbo as three key Senate holdouts have not yet publicly backed a $1.75 trillion social spending and climate deal. The U.S. Chamber of Commerce and Business Roundtable are gearing up to fight the Democrats' plan to enact a minimum corporate tax to finance the legislation. And in an ominous sign for the Democrats political prospects, the Virginia governor's race is in a dead heat, with Democrat Terry McAuliffe leading Republican Glenn Youngkin by a single percentage point in the most recent poll.   Here are some of the stories we're following at CNBC Politics:    Biden's domestic agenda: The president announced a deal on the outlines of a $1.75 trillion social spending and climate bill before he departed for Europe this week, but the pared down version of his agenda still might not be enough to appease key Senate holdouts. CNBC White House reporter Christina Wilkie and economic policy reporter Tom Franck write: "Confidence was shaken when none of the three senators in whose hands the fate of the plan lies - progressive standard bearer Bernie Sanders of Vermont and centrists Joe Manchin, W.Va. and Kyrsten Sinema, Ariz. - publicly committed to voting for the current framework. On the contrary, they all appeared to view the framework as an evolving proposal, not a final, ironclad deal." Democratic tax proposals face business opposition: The U.S. Chamber of Commerce and Business Roundtable have expressed opposition to Democratic proposals to help finance Biden's domestic agenda through a 15% corporate minimum tax, CNBC's politics and finance reporter Brian Schwartz reports.  Virginia governor's race in a dead heat: Democrat Terry McAuliffe is leading GOP candidate Glenn Youngkin by single percentage point in the most recent poll. Though the Democrats lead in early voting, Republicans could outperform on Election Day this Tuesday. CNBC politics reporter Annika Constantino writes: "The race for governor in the commonwealth is much closer than Democrats had hoped, especially given their winning streak in statewide races since 2012 and President Joe Biden's 10 percentage point win over former President Donald Trump in last year's election." 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  Biden's social spending framework gets a chilly reception from holdouts in Congress President Biden unveiled a $1.75 trillion framework for his social spending bill. But it still may not be enough to win over key congressional holdouts. Major business groups prepare to fight new Democratic tax proposals for Biden social bill The Business Roundtable and the U.S. Chamber of Commerce oppose new tax plans proposed by Democrats for President Joe Biden's social spending bill. Virginia's governor's race remains a dead heat in polls, but Democrats lead in early voting Polls show Terry McAuliffe and Glenn Youngkin remain neck-and-neck ahead of next week's Virginia governor's race, but Democrats lead in early voting. New York Attorney General Letitia James says she's running for governor New York Gov. Andrew Cuomo resigned after a probe overseen by Attorney General Letitia James. She also has led a an investigation of the Trump Organization. The Supreme Court is set to hear arguments in major cases on abortion and guns. Here's what to know Abortion and guns are front and center as the Supreme Court heads back to the bench to hear oral arguments in some of the term's highest-profile cases. Business groups ask White House to delay Biden Covid vaccine mandate until after the holidays White House officials at the OMB are meeting with industry lobbyists this week as the administration conducts its final review of the mandate. GOP Trump critic Rep. Adam Kinzinger of Illinois won't seek re-election in 2022 Rep. Adam Kinzinger, an outspoken critic of former President Donald Trump and one of two Republicans on the Jan. 6 House select committee, will not seek reelection next year.  Cuomo sex crime case: New York sheriff says 'we have an overwhelming amount of evidence' Rep. Marjorie Taylor Greene bought shares of Trump SPAC Digital World Acquisition as stock skyrocketed Republican Rep. Marjorie Taylor Greene on Friday invested up to $50,000 in the SPAC stock linked to Donald Trump's planned social media platform. Sen. Richard Burr, brother-in-law spoke on phone just before stock sales that are under investigation, SEC says Sen. Richard Burr, R-N.C., said in January the DOJ dropped a criminal probe of his trades after coronavirus briefings. But the SEC is still investigating them.     Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. 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