US budget updates
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US president Joe Biden and congressional Democrats are gearing up for a frantic dash to pass their multitrillion dollar economic agenda, avert a debt default, and salvage their worsening prospects in the 2022 midterm elections.
Eight months after he entered the White House, Biden must overcome a series of hurdles in the coming weeks if he is to fulfil key campaign promises and stem a steady fall in his approval ratings.
On the domestic front, the White House and congressional Democrats are divided in their negotiations over Biden’s $1.2tn bipartisan infrastructure bill and plans for a $3.5tn investment in the social safety net. A split between moderate and progressive Democrats over the details of tax increases and the scope of the spending proposals has threatened to derail the centrepiece of Biden’s plans for the world’s largest economy….