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major consequences for all americans. just one hour from now the federal reserve is expected to roll out its eighth straight interest rate hike. experts, executives and the markets all hope it will be one of the smallest yet. just a few blocks away, down at the white house, president biden and house speaker kevin mccarthy will sit down for their first stare-down since mccarthy became speaker over the debt ceiling. if one doesn't blink soon, you can say goodbye to federal elt benefits and hello to a financial meltdown, all courtesy of your representatives on capitol hill. let's star...

To avoid what could be catastrophic economically. >> it absolutely could be. phil, for a lot of our viewers watching at home, this feels like pretty far away, a lot of inside baseball. obviously, you and i cover the ins and house of these political soap operas all the time. let's remind people what's at stake here. this is the first step in building a relationship that will ultimately determine whether or not our economy, frankly, is able to maintain the soft landing we've been seeing or hit something more more difficult. >> i think this is a really good point. this has become a political soap...