Congress Scrambling To Pass Legislation To keep Government Funded; Northeast Braces For Snow, Ice And Rain From Deadly Stormy System; New Vide Appears To indicate Explosion In Eastern Ukraine; New Episodes Of “Harry And Meghan” Explore Split From Royal Family. This can be a RUSH TRANSCRIPT. THIS COPY Might not be IN ITS Final Form AND May be Updated. WOLF BLITZER, CNN HOST: Happening now, recession fears grip Wall Street, stock costs tumbling, because the Federal Reserve’s downbeat new financial forecast starts to sink in. Also, this hour, a CNN exclusive, outgoing House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer in their first joint sit-down interview. They’re weighing in on whether or not President Biden should run again and whether or not Trump may win. And Russia is ramping its threats because the U.S. Patriot missile defenses to Ukraine. Moscow now warning of what they’re calling unpredictable penalties. Tonight, the Pentagon is firing back. Welcome to our viewers here within the United States and all over the world. I’m Wolf Blitzer. You’re within the Situation ROOM. We begin with the dramatic downturn in inventory prices here in the United States as fears of recession rise. The Dow Jones Industrials closing down nearly 765 points, buyers reacting to a double whammy. The U.S. noticed a a lot greater than anticipated drop in retail gross sales last month, that just a day after the Federal Reserve forecast very restricted economic development next 12 months and sign more interest price hikes are indeed coming. Meantime, up on Capitol Hill, lawmakers, they’re scrambling huge time proper now to attempt to pass legislation to keep the U.S.
Now, one title I didn’t embody there, House Minority Leader Kevin McCarthy, who has come out as a, quote, hell no on that huge spending package. And it is fascinating to see himself — distancing himself from the place Mitch McConnell is on this. And, in actual fact, we heard from Senator Lindsey Graham earlier immediately. He is expected to back that bigger funding bill. He said that the House should not be waiting around. There has been some speak from House GOP members that they need to attend until they take control of the House to deal with this bigger spending bundle. Graham is saying, they can’t even get a speaker elected, a lot less cross a invoice. Those have been his words. And so then we flip to the McCarthy of it all and him attempting to turn into speaker. His eyes are on January 3rd and getting to 218 votes, he is still coping with Republican hardliners who’re very towards him becoming speaker. And we know that some moderates in the House, some average Republicans, have started floating ideas of how they could push again against these hardline Republicans and actually help McCarthy get to the finish line on this. One concept that was floated, in line with our reporting, is to kick them off committees. Again, nobody agreeing on that, however these are some of the ideas that are being floated right now, as McCarthy tries to get that speakership. And average Republicans try to really flex their muscles a bit of bit within the House, however it stays to be seen, Wolf, if that may truly occur.
Congress Scrambling To Pass Legislation To keep Government Funded; Northeast Braces For Snow, Ice And Rain From Deadly Stormy System; New Vide Appears To show Explosion In Eastern Ukraine; New Episodes Of “Harry And Meghan” Explore Split From Royal Family. It is a RUSH TRANSCRIPT. THIS COPY Might not be IN ITS Final Form AND Could also be Updated. WOLF BLITZER, CNN HOST: Happening now, recession fears grip Wall Street, inventory costs tumbling, as the Federal Reserve’s downbeat new economic forecast begins to sink in. Also, this hour, a CNN exclusive, outgoing House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer in their first joint sit-down interview. They’re weighing in on whether President Biden ought to run again and whether Trump might win. And Russia is ramping its threats as the U.S. Patriot missile defenses to Ukraine. Moscow now warning of what they’re calling unpredictable consequences. Tonight, the Pentagon is firing again. Welcome to our viewers right here in the United States and all over the world. I’m Wolf Blitzer. You’re in the Situation ROOM. We start with the dramatic downturn in stock prices here within the United States as fears of recession rise. The Dow Jones Industrials closing down practically 765 factors, traders reacting to a double whammy. The U.S. saw a a lot greater than expected drop in retail gross sales final month, that just a day after the Federal Reserve forecast very limited financial development subsequent year and signal more curiosity charge hikes are certainly coming. Meantime, up on Capitol Hill, lawmakers, they’re scrambling large time right now to try to move laws to maintain the U.S.
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