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Senate Majority Leader Chuck Schumer (left) and Sen. Joe Manchin at the U.S. Capitol in 2014. Photo: Win McNamee/Getty Images

Sen. Joe Manchin (D-W.Va.) and Senate Majority Leader Charles Schumer (D-N.Y.) huddled with President Biden on Sunday morning in Delaware for a "productive discussion" about a deal on Biden's soft infrastructure reconciliation bill, per a White House readout of the meeting.

The latest: "They continued to make progress, will have their staffs work on follow-ups from the meeting, and agreed to stay in close touch with each other and the wide range of members who have worked hard on these negotiations," per the White House.

Driving the news: Democrats are still negotiating what to keep in the bill and how to pay for it, with Biden saying on Thursday that the party does not have the votes to raise the corporate tax rate.

  • Much of the divide is centered on final price tag, with Manchin continuing to push for a $1.5 trillion limit.

The big picture: In a closed-door meeting last week, Manchin told Sen. Bernie Sanders (I-Vt.) he can live without any of the president's social spending plan, Axios' Alayna Treene and Hans Nichols write.

  • Manchin's comfort level with zero as a final number revealed a stark reality for Democratic negotiators: Manchin can control the final dollar amount.

Of note: On the timing of an agreement, House Speaker Nancy Pelosi told CNN's Jake Tapper on Sunday: "I think we're pretty much there now."

Go deeper: Scoop: "How about zero?" Manchin, Sanders get heated behind closed doors

Go deeper

Senate leaders sell members on debt limit deal

Sen. Chuck Schumer (L) and Sen. Mitch McConnell (R) Photo by Anna Moneymaker/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) and Minority Leader Mitch McConnell (R-Ky.) are urging their respective caucuses to back a deal that would clear a path to raising the debt ceiling.

Driving the news: The agreement, negotiated by the two leaders and House Speaker Nancy Pelosi (D-Calif.), involves Congress passing a law allowing a one-time rule change so the Senate can raise the debt ceiling with just 51 votes, rather than the 60 typically needed to overcome the filibuster.

Dec 7, 2021 - Politics & Policy

Congress hunts for shortcut to pass defense funding, debt limit combo

Senate Majority Leader Chuck Schumer returned to his office Monday. Photo: Anna Moneymaker/Getty Images

The scramble in Congress to pass the National Defense Authorization Act is being complicated by an effort to tie it to a needed hike in the federal debt limit.

Why it matters: The House and Senate are rapidly coming up against a series of deadlines they must address before the end of the year — or risk disrupting crucial military funding and upending the economy. Congressional leaders are now hoping they can knock out both "must-pass" priorities in one, complex swoop.

JPMorgan: "Full global recovery" in 2022

Photo: Erik McGregor/LightRocket via Getty Images

JPMorgan Chase Global Research says in a forecast to clients: "2022 will be the year of a full global recovery, an end of the global pandemic, and a return to normal conditions we had prior to the COVID-19 outbreak."

The big picture: The bullish report sees "a return of global mobility, and a release of pent-up demand from consumers (e.g. travel, services)."