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Happy Monday and welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. Subscribe here: thehill.com/newsletter-signup.

Todays Big Deal: High tensions and high stakes between House progressives and Sen. Joe ManchinJoe ManchinWhite House unveils strategy for 2050 net-zero goal Biden sets off high-stakes scramble over spending framework Buttigieg twins dress as 'twinfrastructure' for Halloween MORE (D-W.Va.) Well also look at the latest on the debt ceiling and stablecoin rule proposals.

For The Hill, Im Sylvan Lane. Write me at slane@thehill.com or @SylvanLane. You can reach my colleagues on the Finance team Naomi Jagoda at njagoda@thehill.com or @NJagoda and Aris Folley at afolley@thehill.com or @ArisFolley.

Lets get to it.

Manchin frustratesDems with latest outburst

Sen. Joe Manchin (D-W.Va.) on Monday refused to sign off on a $1.75 trillion social spending and climate measure at the heart of President BidenJoe BidenWhite House unveils strategy for 2050 net-zero goal Southwest investigating report pilot said 'Let's go Brandon' on flight House Rules Committee won't meet Monday on reconciliation package MOREs economic agenda, throwing a wrench into plans for a swift House vote this week.

The upshot: His words had a deflating effect on Democratic colleagues who had hoped Manchin would be more of a team player,taking a potential Tuesday vote on the infrastructure bill off the table.

I say at some point, close the deal, Senate Democratic Whip Dick DurbinDick DurbinBiden sets off high-stakes scramble over spending framework Manchin, Sinema put stamp on party, to progressive chagrin Manchin signals he'll support .75T price tag for spending plan MORE (Ill.) said with a little exasperated sigh when asked by reporters about Manchins comments.

Sen. Mazie HironoMazie Keiko HironoDemocrats face ire of women over loss of paid leave Patience wears thin as Democrats miss deadlines Democrats face critical 72 hours MORE (D-Hawaii) also expressed her growing impatience and frustration.

I would like to ask Joe Manchin, You know what Joe, we really need to be moving.' ... I don't think we're moving too fast, she said.

Jordain Carney and Alexander Bolton have the latest here.

House Democrats brush off Manchin: While liberals were exasperated, Democratic negotiators in the House said theyre on the brink of sealing a deal on Bidens economic agenda despite Manchins barbs.

We intend to pass both bills through the House in the next couple of days, Rep. Pramila JayapalPramila JayapalBiden sets off high-stakes scramble over spending framework Officials, lawmakers express optimism that infrastructure, spending vote is near Infrastructure setback frustrates Democrats nearing victory on spending MORE (D-Wash.), the head of the Congressional Progressive Caucus, told CNN Monday not long after Manchins press conference.

The state of play: Negotiators worked through the weekend and into Monday to iron out the last stubborn wrinkles in the $1.75 trillion plan talks that seemed to focus most intently on a contentious provision to rein in prescription drug prices.

I believe that the president is speaking out of the experience that he has had of negotiating ... with these senators, she said. So I trust the president; he's going to deliver 51 votes. And I think we just need to bring all the temperature down a little bit.

Mike Lillis and Scott Wong bring us up to speed.

A MESSAGE FROM CITI

Tackling the startup worlds gender, race and ethnic funding gap.

With our $200 million Impact Investment Fund we are seeking opportunities to invest in businesses that are led or owned by women and minority entrepreneurs, helping to create equitable access to venture capital funding.

LEADING THE DAY

Yellen says reconciliation a 'viable' way to tackle debt limit

Treasury Secretary Janet YellenJanet Louise YellenG-20 leaders endorse global minimum tax On The Money The big business wins in Build Back Better Yellen says spending bill would lower inflation, reduce household costs MORE said using a budget procedure known as reconciliation is a viable solution to raising the debt ceiling for Democrats if Republicans wont take action to prevent the nation from defaulting on its national debt.

In a recent interview with The Washington Post, Yellen reiterated that tackling the debt ceiling should absolutely be done on a bipartisan basis, as it has in the past. But if a current standoff between Republicans and Democrats over the debt ceiling doesnt let up, Yellen said Democrats may have to handle the problem themselves.

If Democrats have to do it by themselves, thats better than defaulting on the debt to teach the Republicans a lesson, she said.

To me, as the person who has to pay the bills and watches this on a daily basis our funds dwindling in our account over time I very much want to make sure that this is addressed. And this Section 304 procedure is one way in which that could occur, Yellen said, referring to a section of the budget procedure she said could be used to tackle the debt ceiling.

Aris Folley has more here.

REALM OF THE COIN

White House, bank watchdogs call for tougher stablecoin oversight

Two federal bank regulators and a White House commission on Monday called for increasing federal supervision and regulation of digital tokens with values tied to government currencies or other financial assets.

In a Monday report, the Federal Deposit Insurance Corp. (FDIC), Office of the Comptroller of the Currency (OCC) and the Presidents Working Group on Financial Markets said Congress should pass legislation bringing so-called stablecoins under close federal watch.

I break it down here.

JES WALKS AWAY

Barclays CEO stepping down after Epstein probe

Barclays CEO Jes Staley is stepping down from his post following an investigation into his ties to convicted sex offender Jeffrey Epstein.

In a statement on Monday, Barclays said the company and Staley were informed of the probes preliminary findings on Friday evening, which led to the resignation decision.

In view of those conclusions, and Mr Staleys intention to contest them, the Board and Mr Staley have agreed that he will step down from his role as Group Chief Executive and as a director of Barclays, the bank said, according to CNBC.

While it did not reveal many details on those conclusions, Barclays did say the investigation makes no findings that Mr. Staley saw, or was aware of, any of Mr Epsteins alleged crimes, which was the central question underpinning Barclays support for Mr Staley following the arrest of Mr Epstein in the summer of 2019.

Mychael Schnell has more here.

A MESSAGE FROM CITI

Tackling the startup worlds gender, race and ethnic funding gap.

With our $200 million Impact Investment Fund we are seeking opportunities to invest in businesses that are led or owned by women and minority entrepreneurs, helping to create equitable access to venture capital funding.

Good to Know

A group of about 250 millionaires on Monday urged top Democrats to include a proposal to tax billionaires' investment gains annually in their social-spending package, after the proposal was left out of a framework the White House released last week.

Heres what else have our eye on:

Thats it for today. Thanks for reading and check out The Hills Finance page for the latest news and coverage. Well see you tomorrow.

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On The Money Presented by Citi Progressives shrug off Manchin warning | TheHill - The Hill