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Congress Scrambling To Pass Legislation To maintain Government Funded; Northeast Braces For Snow, Ice And Rain From Deadly Stormy System; New Vide Appears To point out Explosion In Eastern Ukraine; New Episodes Of “Harry And Meghan” Explore Split From Royal Family. This 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 prices tumbling, as the Federal Reserve’s downbeat new economic forecast starts to sink in. Also, this hour, a CNN exclusive, outgoing House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer of their first joint sit-down interview. They’re weighing in on whether President Biden ought to run again and whether or not 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 back. Welcome to our viewers here within the United States and around the globe. I’m Wolf Blitzer. You’re within the Situation ROOM. We start with the dramatic downturn in stock costs here in the United States as fears of recession rise. The Dow Jones Industrials closing down practically 765 points, traders reacting to a double whammy. The U.S. noticed a a lot greater than anticipated drop in retail sales final month, that only a day after the Federal Reserve forecast very restricted financial development subsequent yr and sign extra curiosity price hikes are certainly coming. Meantime, up on Capitol Hill, lawmakers, they’re scrambling large time right now to attempt to go legislation to keep the U.S.
Let’s go to CNN Congressional Correspondent Jessica Dean. She’s becoming a member of us stay from Capitol Hill. So, Jessica, what’s the state of play on this critically necessary laws? JESSICA DEAN, CNN CONGRESSIONAL CORRESPONDENT: Wolf, right now, the Senate has simply begun a series of votes for the National Defense Authorization Act. That’s one of many must-do issues they need to finish this week. It units the policy agenda and authorizes funding for the Department of Defense. So, we expect that to cross during these collection of votes. Then they want to show their eyes to the quick-term funding bill. And remember, tomorrow is the deadline that they need to get that finished. At this level, there are not any indications there will probably be a authorities shutdown. We do anticipate they may get that finished. But right now, they are wrestling with just form of how they’re going to vote by way of how they’re going to set that vote up, the time agreements, things like that, these last-minute particulars that they are trying to work out. So, we’re preserving an eye on that. But, once more, at this point, no indications of a authorities shutdown, we do anticipate that they will go that quick-term funding invoice, which has already handed the House, which suggests it then will go to President Biden’s desk. So, then that units them up for this larger spending bundle that we know that Senate Minority Leader Mitch McConnell, Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi all wish to get done. That’s the next huge crunch.
Now, one title I did not embrace there, House Minority Leader Kevin McCarthy, who has come out as a, quote, hell no on that huge spending package. And it’s fascinating to see himself — distancing himself from the place Mitch McConnell is on this. And, actually, we heard from Senator Lindsey Graham earlier as we speak. He is anticipated to again that bigger funding bill. He mentioned that the House should not be ready round. There was some speak from House GOP members that they need to wait until they take management of the House to deal with this bigger spending bundle. Graham is saying, they can’t even get a speaker elected, much much less pass a invoice. Those were his words. And so then we flip to the McCarthy of it all and him making an attempt to change into speaker. His eyes are on January 3rd and getting to 218 votes, he continues to be dealing with Republican hardliners who’re very against him changing into speaker. And we know that some moderates in the House, some moderate Republicans, have started floating ideas of how they may push back towards these hardline Republicans and really help McCarthy get to the finish line on this. One idea that was floated, in keeping with our reporting, is to kick them off committees. Again, nobody agreeing on that, but those are a few of the concepts that are being floated right now, as McCarthy tries to get that speakership. And reasonable Republicans strive to really flex their muscles a bit bit in the House, but it surely stays to be seen, Wolf, if that will actually occur.