Congress Scrambling To Pass Legislation To maintain 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 Is probably not IN ITS Final Form AND Could also be Updated. WOLF BLITZER, CNN HOST: Happening now, recession fears grip Wall Street, stock prices 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 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 around the world. I’m Wolf Blitzer. You’re within the Situation ROOM. We start with the dramatic downturn in inventory prices right here within the United States as fears of recession rise. The Dow Jones Industrials closing down almost 765 factors, investors reacting to a double whammy. The U.S. saw a much greater than expected drop in retail sales final month, that just a day after the Federal Reserve forecast very limited economic growth next yr and signal more interest fee hikes are certainly coming. Meantime, up on Capitol Hill, lawmakers, they’re scrambling huge time right now to try to cross laws to keep the U.S.
Let’s go to CNN Congressional Correspondent Jessica Dean. She’s joining us dwell 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 just begun a sequence of votes for the National Defense Authorization Act. That’s one of the should-do issues they need to finish this week. It sets the policy agenda and authorizes funding for the Department of Defense. So, we count on that to pass during these series of votes. Then they want to show their eyes to the brief-term funding bill. And remember, tomorrow is the deadline that they must get that accomplished. At this level, there aren’t any indications there shall be a government shutdown. We do anticipate they may get that executed. But proper now, they are wrestling with just kind of how they’re going to vote when it comes to how they’re going to set that vote up, the time agreements, things like that, these final-minute details that they try to work out. So, we’re preserving an eye on that. But, once more, at this level, no indications of a government shutdown, we do count on that they will move that short-term funding invoice, which has already passed the House, which implies it then will go to President Biden’s desk. So, then that units them up for this bigger spending bundle that we all know that Senate Minority Leader Mitch McConnell, Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi all need to get carried out. That’s the following large crunch.
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