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set. this is what we re watching at this hour. thank you for being here. i m kate bolduan. the battle over the nation s debt ceiling is upon us. the united states just hit its borrowing limit of $31.4 trillion. and that means that the treasury department must now begin to use a series of what is called extraordinary measures to avoid default. extraordinary measures that are no longer so extraordinary since they have been they ve had to be used so often. this is a completely avoidable problem that falls entirely on congress to raise the debt limit. something that republicans with right now refusing to do without cutting spending to the actual bills that have come due, by the way. democrats say that is not on the table. if the u.s. defaults, it will cause absolute chaos in the global economy. christine romans is standing by for us with this. kind of saw this one coming, christine. but we have hit the moment. what happens now. so, kate, the clock starts now. once t ....
fight. that was easy, huh? after 14 failed attempts. a speaker has not been elected. a speaker has not been elected. a speaker has not been elected. house republicans finally elect a speaker, in a battle that hasn t been seen since the run-up to the civil war. we will use the power of the purse and the power of the subpoena to get the job done. kevin mccarthy gains the gavel after making major concessions to a small group. because it took so long, now we learned how to govern. a preview of how the house republicans will govern. we will never compromise our principles. while republicans were divided this week, democrats remained enthusiastically united against their history leader. plus bridge building. we can work together. we can get things done. as washington was consumed by the house drama, president biden showcased hi bipartisan accomplishments. we look to things we agree on. and try to do those even while we have big differences on o ....
this is your well red world. a lot of major averages down on the prospect that we re looking at higher rates down the road. we got our third 3/4 hike in a row with signs that year s end, rates could be a point to a point 1/4 higher than they are right now. we re north of 4%. some wondering if that is enough to deal with inflation that is double that. let s get the read on what happens today and why. jackie deangelis. jackie? good afternoon. this is the fed s fifth rate increase this year. it s the fourth increase in a row. as you pointed out, the third time the market is seeing 3/4 percentage point. the market was trading higher most of the session before the decision indicating they were expecting a 75 basis point hike rather than the full point percentage point that a small group of market watchers thought was possible. then when the news broke about the hike, the fed hikes rates trying to tame persistently high inflation, the economy will slow. consumers and corpor ....
majority in the house. so, it s understandable that and almost justified that mccarthy is not wanting to ruffle any feathers before this important vote on january 3rd. all right. nbc news capitol hill correspondent allie raffa thank you so much. thank you for getting up way too early with us on this thursday morning. morning joe starts right now. and there it is, the u.s. capitol. good morning and welcome to morning joe. it is thursday, december 29th. and we re going to get right to the news. prosecutors are turning up the heat on congressman-elect george santos, after the revelations he lied about his resume. we re going to have more on the investigation by a fellow republican district attorney. plus, the very latest on the weather emergency in buffalo, new york. first, the snow, and now concerns about flooding and questions about the response to the deadly blizzard. and we re following the latest on the southwest airlines meltdown. more cancellations and d ....
just maybe things in this country would snap back into something resembling a pre-trump normal. dangerous elements of the far right would crawl back into their dark caves and corners that want harm done to the foundations of our most prized institutions, relentlessly maligned for years under donald trump would repair themselves. maybe even overnight. simply because trump is no longer the person sitting behind the resolute desk. sadly it appears that any of those hopes were in vain. more proof this afternoon that the destruction he left in his unhinged wake, the moral wrought he spread quietly continues to spread to this day inside some of our most important and revered institutions. considering chilling new reporting in today s the new york times, cataloging attacks on the fbi. the piece centers in part on a somewhat dishonest effort by a group of former agents calling themselves the suspendables. they wrote a letter earlier this month of accusing the fbi from discrim ....