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the spending showdown is about to go down. chad pergram following it all, a lot of details to pull together, but he's the man to do it. chad, what's happening? >> reporter: david, good morning. senate democrats aim to pass the climate, health and spending bill this weekend, but it may be a long weekend. we just got a ruling from the senate parliamentarian, she green lighted a provision in the bill to let medicare negotiate the cost of prescription drugs. democrats say that makes the cost of pharmaceuticals cheaper. elizabeth mcdonough has a lot of sway in process. >> the closer you c...

more on all of that later this hour. but first the critical decision set to drop soon from the federal reserve. and cnn business correspondent rahel solomon is here with us. walk us through what is to come in the next hour or so and why it really matters. >> so the expectation is that chairman powell will raise rates about three quurs of a percent. that is not one to one in terms of borrowing costs. we won't see borrowing costs raise 75 basis points. but it does influence all of the categories. so costs will continue to go up. >> and i want our viewers to enter understand what this r...

they were being too fickle. for us to question every element, no, we're not doing that. >> she made a great point that when she was a republican she did not see that. they did fall in line more, she said. they showed up and they just voted for an r. democrats, you know, dissect and analyze. >> there's a color coded chart of where you fit. >> a flow chart and figure how it can be better. tomorrow when you tune in, you're going to hear who they would like to run in 2024 instead of joe biden. so tune in for that. it's the top of the hour with cnn newsroom, i'm alisyn camerota. >> i'm vi...

>> john: begin "america reports" with form president trump under investigation by the justice department as the agency appears slow to act on the current president's son, with one republican senator now alleging a cover-up. john roberts in washington. good to be with you again. >> sandra: we made it to wednesday. i'm sandra smith in new york. "washington post" reporting the justice department is looking into the former president as part of a criminal probe of efforts to overturn the 2020 election results. the post says phone records of some trump officials have been seized and witnes...

following the headlines. natasha, first to you. this is a change from the white house. the white house is pushing back very hard on what it says is inf en inflammatory behavior by china. >> they said please don't up the ante here. now they're making public the fact that they have in fact summoned the chinese ambassador to the u.s. to the white house to essentially give him a dressing down about china's provocations against taiwan in recent days. they had said numerous times that they expected that china would have some kind of reaction to this visit by pelosi, which was extremely off...