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cnbc's senior white house correspondent kayla tausche now. kayla? >> reporter: well, kelly, a joint statement after that meeting between the u.s. and france focused on what the two nations have in common, promoting democracy, bolstering nato, fighting isis and defending the indo-pacific but the president expressed dismay for the way the u.s. handled that submarine deal with australia. biden said he believed france had been informed. the white house didn't comment when asked if the president still has confidence in kurt campbell, the chief negotiator for the deal who leads indo-pacific strategy. the united states has one more olive branch to extend toward europe and that's removing tariffs on imported steel and aluminum put in place by former president trump. negotiators are hoping to announce that agreement by a deadline they set for monday. >> kayla, the president also met with the pope today. there's a lot of talk about how their talk went. >> reporter: well, the two heads of state are friends they have a regular correspondence but today's meeting

our kayla tausche is covering that part of the story for us. ylan mui on what happens up on the hill and kayla, we begin with you first >> well, scott, president biden is taking his pitch directly to the american people, walking out on to a messaging tightrope to argue that this package is exactly what voters voted for last november and that it upholds two critical campaign promises not to raise taxes on individuals making less than $400,000 and to compromise with lawmakers in order to get some of these priorities done president biden noting no one got anything they wanted including me of course, many of those key principles were left on the cutting room floor throughout this negotiating process and what's unspoke sen that the negotiation was needed across the democratic party for this social spending package based on the wide variety of views and the division in the democratic party at this moment that is the governing reality for democrats even as they hold the presidency this morning president biden told democrats that their ability to get th

correspondent kayla tausche now. >> reporter: kelly, a joint statement after that meeting between the france focused on what the two nations have in common promoting democracy, fighting isis, and defending the indo-pacific but the president expressd dismay for the way the u.s. handled that sub marie deal with australia which in fact canceled a $66 billion frefrng contract biden said he believed that france had been informed the white house didn't comment when asked whether the president still hat confidence in kurt karm campbell, the chief negotiator the united states has one more olive branch to extend and that is for moving tariffs on imported steel and aluminum put in place by former president trump. they want to dannounce that by monday >> and there is a lot of talk about how the talk between biden and the pope went. >> reporter: well, the two heads of state are friends they have a regular correspondence but today's meeting was just the second time a catholic president has had an audience with the poach. today's hour and 15 minute conversation covered poverty, climate change, covi

aaa reports that's more than 50% increase from just last year cnbc white house correspondent, kayla tausche live in d.c. kayla, has the attention of the white house -- this clearly has it now but what can they do about it? >> reporter: well, shep, the administration has said it will use every tool in its toolbox to curb energy prices but it doesn't have many tools available. the energy department tells me it has no immediate plans to release oil from the country's emergency reserves or limit exports of oil and gas those were two options raised but officials are worried they could do more harm president biden is now linked to higher prices at the pump. look no further from this message at a wawa in delaware. that's his hometown. a recent cbs poll found 66% of respondents blamed the government for higher consumer prices and 60% said it is not doing enough about it. the white house is talking to producers in the middle east and investigating price gouging in the u.s., but energy-rich states like louisiana where agencies have enacted policies to limit drilling activity, they say it's a manufact

in a moment we'll go to cnbc's kayla tausche live at the white house. first our senior congressional correspondent ylan mui is on the hill where they are -- well, ylan, where are they >> well, shep, it's either going to be a breakthrough or a breakdown tonight on capitol hill the house is now standing in recess until at least 9:00 p.m. as democrats try to figure out if there is a path forward on the infrastructure bill. democratic leaders told us they just started whipping or counting the votes today and when asked if she has enough support to pass this house speaker nancy pelosi said only "we're working on it." now, we watched a parade of lawmakers, progressives and moderates, going in and out of her office today they told us the tenor of those conversations was positive, even if there wasn't really any movement here's the head of the congressional progressive caucus, pramila jayapal. >> we've been working very closely to make sure she understands where we are, to be transparent. listen, nobody should be surprised that we are where we are because we've

kayla tausche is in washington with details hi again, kayla. >> president biden is on capitol hill righthat is just breaking up. the goal is to convince them to vote for a new $1.75 trillion spending package and also for a $1 trillion infrastructure deal as biden drives home the need to tout these investments when he meets with global partners overseas the policies in the latest version of his build back better plan include $555 billion in climatecredits, $400 billion for day care and preschool, $200 billion to extend the child and earned income tax credits for one year, and $150 billion each for housing and in home care for seniors and the disabled the estimated offsets in white house plan includes $675 billion from enforcing a 15% minimum corporate tax on companies here and on foreign profits of large u.s. companies $400 billion raised in new irs tax enforcement. $230 billionpy charging a new sur tax on individuals making more than $10 billion and a new 1% tax on stock buybacks the plan is roughly half the size of president biden's original proposal. meaning quite a bit got cut out on

says they expect to run out of peanut better sandwiches within a week that's desperate we have kayla tausche. what's the president doing >> reporter: well, shep, tonight the white house is calling this a 90-day sprint. just underscoring the urgency in solving this log jam, loosening this up before the holidays beginning with a february executive order. the creation of a new task force in june and repeated calls for information from the industry. the appointment in august of a ports envoy leading negotiations to get those goods off of ships and on to door steps the six companies named in today's announcement say with those overnight hours unlocked they can move anywhere from 10 to 60% more containers fed ex said with a change in hours and rail use they can double their volume. today press secretary jen psaki said the companies are on the hook for the last mile delivery. >> they're not the postal service, ups or fed ex we cannot guarantee. what we can do is use every lever at the federal government level to reduce delays >> reporter: senior administration officials are also calling on trucking

kayla tausche has more from washington this $2 trillionx■ in new or extended social and climate programs wraps off of it and is haling it ase■ historic even if it represents a significantly trimmed down plom of the■nú■ president's agenda in this framework, half a trillion dollars in climate and environmental.o■ $400j■ billion for pre-k and $150 billion apiece fore1 affordable housing and w3■n-home care to pay for those a minimum tax on u.s. companies and their profits overseas, aÑis your tax on stock buybacks and on the topo■ .02% of americans, closing añr■(■loophole that excs á■ e medicare tax and simply 9■ añr■d■sourc=tñ tells me this ó[r represents what the white house agreed with senators sinema and manchin senators who have been key to the negotiations but that the fine print of this package is still under negotiations and we could still see things added in at the 11th hour. while the framework excludes some of the critical campaign priorities of president biden today speaking to the american people he said it delivers on two key campaign promises, notably not raising taxes ont■ tho

text of the speech comes out today, brian >> big story there and for now the tariffs do remain kayla tausche breaking that news out of d.c we appreciate it thank you. >>> so let us stay with news out of china and what has been one of the biggest market stories and maybe market risks out there. that is the fate of china's evergrande group one of, if not the, world's most indebt companies the fear that it will not be able to pay back what it owes. there is some new reports on the company this morning as well as a trading halt in hong kong. be be bertha coombs is here with this story. >> one that people are going to be watching closely. so china evergrande is reportedly planning to sell a half stake in its property management unit to hopson developments for more than $5 billion with both stocks halted ahead of what's likely to be a game-changing transaction while both companies have yet to officially confirm the report out of china's state backed global times they pretty much spelled it out evergrande property services said the halt was pending, quote, an announcement concerning inside informat

kayla tausche has more on the biden administration's strategy. >> kelly, ahead of that meeting president biden and the white house announcing a deal to move the port of los angeles to 24/7 around the clock service as part of a deal with the international long shoremen and warehouse unions and they also announced that six companies, fedex, ups, target, samsung, walmart, and home depot are increasing their overnight services for the next 90 days to move more cargo and help expand transportation of goods from these ports to their end test tin dags we expect president biden to make those remarks momentarily today he is also meeting with executives from port companies, logistics companies, and many of those retailers as well. the white house says these change also move an additional 3500 containers per week between now and the ends of the year though they hope this becomes the new normal, this 24/7 operation. a senior administration official has also called on freight rail and trucking companies to incentivize workers to increase their capacity so far there is no official expansion on that fr

cnbc's white house correspondent kayla tausche checks in to see if the situation is improving.out it? >> the white house continues to urge the private sector to incentivize workers to fill ships to get goods out of the ports and onto doorsteps and officials are pointing to some progress thanking railroad pacific for expanding its hours and reducing rail wait times by more than half but those on the receiving end say they're not seeing much difference leave lamar represents an apparel and footwear company. >> it hasn't gotten better over the last week. it's probably get are worse. and it's taking any length of time we say we're kind of in the plains, trains and automobiles face of this crisis where people are looking at any mode of transportation they can to get their goods in, clear their goods, deliver them to the stores and it's a very difficult time >> reporter: as ports around the country's ships idle offshore hit records this week. ports of los angeles had 70 container vessels anchored or moored savannah, georgia, 20 and new york city four but one at anchor for five days.

kayla tausche joins us along with tony fratta let's start with you for your reaction to this strategy here. >> look, i mean, it's welcome. anything that gets this across the line without, you know, more drama is good. we will see the details of it and how it's going to play out but look, everybody knows, if you have been in washington and you have dealt with this before you know that this has to get done there isn't a question of whether it could get done or whether there is confusion over it it has to get done because it is a permanent blot on and cost for the government glad to see a little bit of help on it. i don't think it was a sustainable position to be blocking democrats from voting on the thing that you are saying you want them to vote on >> kayla, tell us about what -- if the country went into a temporary default, what wouldn't get paid who wouldn't get paid? social security? military families? i can't imagine that any politician would want that to happen >> no. and certainly, it would really harm relationships between the u.s. and its creditors overseas. treasury yields wou

he talked with kayla tausche about his goals and also talked about the strength of the economy. >> brianoynihan co-chair as group aiming to standardize climate regulations and commitments from corporations around the world essentially trying the write the playbook for companies that aretrying t move toward net discredit emegs missions by 2030 and beyond. but the conversations are going to be happening against a near term economic background that's uncertain. i asked moynihan this morning about his views on inflation, the supply chain issues, and growth in the fourth quarter. >> all those are real issues, but underneath that the economy is as big as it was in '19 and predicted to grow at two or three times the rate our consumers at bank of america their accounts have grown, the companies per account per household have grown every month for the last six months. they are spending 20% more money in october than they did last year doing things. when you have a consumer-led economy i think that sets it up pretty good for the fourth quarter into next year. >> moynihan expects growth to level of

cnbc senior white house correspondent kayla tausche is live in arlington, virginia. >> reporter: shep, early voting is already under way here in virginia in the race between former governor terry mcauliffe and glenn youngkin it's a familiar plot long-time democratic politician versus republican businessman and political outsider, and it's a microcosm of how voters feel on national issues and potentially foreshadowing turnout next year. according to larry sabado. >> if the republican wins it's going to be partly because biden was unpopular and because the democrats in congress could not get their act together and deliver on their promises. how does that affect the electorate it means that democrats are depressed and less willing to work they're less enthusiastic. they're unlikely to turn out in the usual numbers to vote. >> reporter: mcauliffe has big ticket billing here in the home stretch. first lady jill biden on friday and president obama in richmond a week from saturday but those deepties to the democratic party are a double-edged sword as president biden's approval steadily dippe

cnbc's kayla tausche now polls are one thing. actual vaccinations, that's another. how is the president's plan looking? >> well, shep, he's trying to get more companies onboard because a quarter of american companies with the vaccine requirement have seen their vaccination rate skyrocket that's a point president biden drove home today outside chicago, visiting with lawmakers and the ceo of united airlines, which has seen nearly all of its 67,000 employees get the shot after an early august mandate. biden says more businesses should follow suit >> my message is require your employees to get vaccinated. with vaccinations we're going to beat this pandemic finally without them, we face endless months of chaos in our hospitals, damage to our economy and anxiety in our schools and empty restaurants. much less commerce. >> reporter: on the eve of new jobs data the white house says vaccinations are key to economic growth and getting people back to work, citing 3 million people not working because they fear infection. nearly 5 million people not working because they are cari

let's bring in kayla tausche who has been following the administration's efforts on this front. kayla? >> reporter: you heard from president biden that there are some actions being announced today, but much more needs to be done, and that speech he was calling on retailers who order these goods in high numbers as well as freight, rail, and trucking companies to do their part to help unlock some of this capacity and get these goods to consumers. he says that if they want to incentivize these companies to make these changes but that he is not going to back down from taking federal action if he needs to, to loosen up some of these log jams we're heard from the commerce secretary who has said that in 45 days or just less than that, she would be happy to use the defense production act to compel some of these companies to provide more information about their supply chain if that is what it takes to actually fix the problem. behind the scenes, as president biden's approval rating has been eroding in recent weeks, as the administration deals with legislative chaos and geopolitical uncert

kayla tausche with the latest on the meeting. >> reporter: importantly that meeting took place beforehis latest offer from mcconnell surfaced and the optimal path for the administration that they've said for the last several weeks would be a longer-term suspension that wouldn't risk a government shutdown, that are fiscal cliff that ylan was just talking about or one that would leave republicans off the hook but that's not part of what mcconnell is offering here and he's putting the ball squarely back in the white house's court to take one of the offers or see how close they want to get to try to secure more gop support for its position, which sources say currently has support from four gop senators, or at least the administration believes that it does now, today, the white house enlisted business leaders to join pentagon and treasury chiefs in its coordinated pressure campaign calling attention to the catastrophic consequences if the u.s. neared defaulting citi group said getting so close to the edge was playing with fire and among the consequences that executives raised, troops would

needed, just you >>> bank america's ceo speaking out to cnbc's kayla tausche today.m banking to climate funding ahead of cop 26. >> brian moynihan co-chairs an effort with the prince of wales called the sustainable markets initiative that aims to coordinate the way that global corporations are working toward their glimt goals. and the conversations that are going to be happening at the g20 and cop26 come as the biden administration is pursuing its own strategy on climate regulation, mandating new disclosures, declaring climate a systemic risk and even exploring stress testing the issue moynihan in our exclusive said that latter one at this point that exercise is still big picture. >> how you're handling those risks and how do you think a near-term risk, it's in the principles now, it's not necessarily numerically defined yet. >> the white house had hoped to enter talks in glasgow with a framework on climate and a big dollar commitment to try to reclaim a leadership roleon climate with global partners, and i asked moynihan whether $500 billion as reported right now wo

. >>> some news this morning on the packlog in america's ports, kayla tausche joins us with more on thisstration secured a 90-day deal between the port of los angeles and workers union to operate 24 hours a day seven days a week, joining the port of long beach in expanding hours to process more shipments at the country's busiest ports. now under the commitment to be announced today, the international long shoremen and warehouse union will provide around-the-clock staff walmart, med expand ups will move towards 27 already have 7 service to support them and additional pledges from target, samsung and home depot in all, the white house says 3500 more containers will move between now and the end of the year they will be hosting labor groups and port executives to bring attention to this issue. senior administration officials say the moves won't solve the problem overnight and they'll need more private sector health to continue. they'll need private companies to continue stepping up. they are looking next to trucking and freight rail companies to use incentives to expand overnight this comes

world bank meetings are kicking off against the backdrop of a major deal changing global tax rules kayla tauschening. >> reporter: good morning, becky. that's right 136 nations have negotiated a sweeping overhaul of tax rules reaching an agreement with a 15% minimum tax of a certain size, that will raise money from multi-nationals, the second 25% of profits above a 10% profit margin for large companies where they don't have a physical presence and there is an agreement in principle to roll back existing taxes that penalize facebook, apple and alphabet and block new so-called digital service taxez until 2024 senior treasury officials say that tariffs on some $2 billion in european and british goods scheduled to take effect november 29ing will now be cancelled because of that agreement. president biden is formally expected to agree with these principles with g-20 counterparts in rome each count i's legislature must approve them congress will pass the minimum tax and social spending package but will need a few bill with bipartisan support that's 67 votes for this digital tax countries are hoping to

new reports say negotiations are progressing in congress on president biden's economic agenda kayla tauscheides will be in after a nearly two-week recess interestingly, the word progress is mentioned it's unclear if that's a function of true break through or a function of necessity because time is of the essence, especially with a new debt limit deadline now presented in early december and if zats are going to use the very lengthy budget process to pass this on a party line vote, then they really need to get this started for the build back better package, if they are going to also have to use that very lengthy process to raise the debt limit so they don't have any time to waste and there are a few things that need to happen. number one, there needs to be on agraem aagreement on how to treat the deduction on state and local taxes. until there is an agreement on exactly what that looks like, it's really hard to pack into with the overall size and scope of the package then can be i am told an agreement in principle is very close on that, if it hasn't already happened. but there is still partic