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Supply-Chain Bottlenecks: The White House is expected to announce a pledge from the Port of Los Angeles to operate around the clock, a move aimed at easing cargo bottlenecks that have led to shortages and higher consumer costs. President Biden delivers remarks at 2:20 p.m. ET.

Inflation: U.S. Inflation accelerated slightly in September, rising 5.4% from a year before as supplies and labor continued to drive up prices.

Ransomware Summit: The U.S. will convene a summit of more than 30 nations starting today to discuss methods to combat ransomware. Russia wasn’t invited.

Debt Limit: The House on Tuesday voted along party lines to raise the U.S. borrowing limit into December, as Democratic lawmakers wrestled with how to set a new ceiling for U.S. debt later this year. House Speaker Nancy Pelosi floated the idea of giving the Treasury secretary the power to raise the borrowing limit, but giving Congress the power to reject the increase.

Blue Origin Launch: Jeff Bezos’ Blue Origin is expected to send the actor William Shatner and three others to the edge of space today at 10 a.m. ET, the latest flight aimed at establishing the fledgling space-tourism market.

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The midterms are more than a year away, but most of the forces that will shape next year’s congressional elections are already in play in Virginia. 

Texas is one of a number of Republican-led states with top officials who are opposed to federal vaccine mandates. The prospect that the federal mandate could apply in some parts of the country and not others is expected to complicate business decisions about vaccine rules, report David Harrison and Elizabeth Findell.  

The Labor Department took the next step to implement Mr. Biden’s plan to require private-sector workers to be vaccinated, submitting the initial text of the proposed standard to the White House for approval, report Amara Omeokwe and Chip Cutter. 

• A federal judge extended an order requiring New York state to allow religious exemptions from its Covid-19 vaccination mandate for healthcare workers.

• Boeing said it will mandate vaccination for its approximately 125,000 U.S. employees by the Dec. 8 deadline set by the presidential order requiring federal employees and contractors to receive the shots.

• FDA staff reviewing Moderna’s application for authorization of a booster shot didn’t take a position, an unusual move that appears driven by insufficient data.

• For the first time in 20 months, travelers from Canada and Mexico will be permitted to enter the U.S. at its land-border crossings to shop or to visit family and friends—if they are fully vaccinated.

Choosing which Americans should be eligible for benefits in a proposed expansion of the social-safety net is one of the main challenges vexing Democrats, who are attempting to slim down their $3.5 trillion social policy and climate bill in coming weeks, reports Andrew Duehren. 

• Some Democrats, including Sen. Joe Manchin (D., W.Va.), want to target the aid to low-income Americans, arguing that narrowing eligibility will be a cheaper and more efficient use of taxpayer funds.
   
• On the other side are both progressive and centrist Democrats who view universal programs as both more effective at helping Americans in need and better at winning enduring political support.

Seniors and other Americans receiving Social Security benefits in 2022 are likely to see the largest increase in their payments in decades, reflecting surging inflation during the pandemic, reports Amara Omeokwe​. Analysts expect the cost-of-living adjustment to be a roughly 6% boost, which would be the largest adjustment since 1982.

The International Monetary Fund lowered its growth forecast for the world economy for this year to 5.9% from 6% in its July report, citing supply-chain disruptions and global-health concerns, and raised its inflation outlook, reports Yuka Hayashi. The group’s economists said the foremost policy priority is to vaccinate an adequate number of people in every country against Covid-19.

• The Federal Reserve releases minutes of its most recent policy meeting at 2 p.m.
   
• ​Fed Vice Chairman Richard Clarida affirmed in remarks Tuesday that the central bank is ready to finish tapering its asset purchases by the middle of next year.

The administration is considering options to offer deportation protections to immigrants working in the U.S. without authorization if they report an abusive employer, reports Michelle Hackman. Homeland Security Secretary Alejandro Mayorkas, in a memo, asked acting ICE Director Tae Johnson, along with other officials, to develop policy options in the next 60 days to carry out that change in enforcement priorities.

• “The message is, exploitative employers should beware,” Mr. Mayorkas said in an interview.

• 🎧What’s News: Michelle Hackman explains how the proposal fits into the administration’s immigration policy.

• The growth in middle-class migrants reflects continued hardship in nations such as Brazil and Venezuela from the Covid-19 pandemic and associated economic downturns, as well as political instability.

The U.S. Embassy in Colombia is investigating several cases of the mysterious neurological affliction known as Havana Syndrome, U.S. officials said, days before Secretary of State Antony Blinken is expected to visit, report Vivian Salama and Juan Forero. 

• “Adults sign up for what they sign up for and the risks that come with it….Targeting or even incidentally hitting kids should be a hard red line,” said a person with knowledge of the situation in the embassy.

Discord between the U.S. and China increasingly revolves around Taiwan, a self-ruled island the U.S. views as a bulwark of democracy and strategic buffer against China’s ambitions in the region. Here’s a look at the friction and what it could mean for the future of the Asia Pacific.

In other world news...

• The Taliban have allowed middle- and high-school girls to resume studies in several provinces of northern Afghanistan.

• The world’s governments are unlikely to prevent dangerous climate change, the International Energy Agency said Wednesday.

• CGI has also entered into discussions with hotel operators, including Hilton Worldwide Holdings Inc.’s Waldorf Astoria luxury brand, about removing the Trump name in favor of that of another hotel manager.

• Despite a pandemic, recession and tax cuts, federal tax revenues are surging. (Politico)
• China's ruling party is pledging an unprecedented boost in defense spending, a sign of the nation's concern over China's aggressiveness in the disputed East China Sea. (Reuters)
• A raft of evidence suggests women are tuning out politics, which poses a threat to Democrats in Virginia's tight gubernatorial race. (Washington Post)

This newsletter is a production of the WSJ Washington bureau. Send feedback to capitaljournal@wsj.com. Our newsletter editors are Kate Milani, Troy McCullough, and Toula Vlahou. You can follow politics coverage on our Politics page and at @wsjpolitics on Twitter.