widening war in the middle east after president biden orders retaliatory iron strikes on a group in iraq. plus chaos at the border. america s top diplomat is heading to mexico where thousands of migrants are making the trek to an already overwhelmed u.s. border. local law enforcement are begging for help to deal with the ongoing surge. and lashing out, donald trump spent christmas day attacking his enemies including president biden, counsel jack smith, his christmas message to him, rot in h ell. i m phil mattingly. let s go behind the headlines and inside politics. we start today with the 2024 race where republican candidates are gearing up for their final campaign push in iowa. 20 days, less than 3 weeks until the caucuses, his rivals will be crisscrossing the state trying to chip away at the front runner status. who can we expect to see in iowa? how are they going to make a difference in what has been a race that trump has led by far and away over the course of the
let s speak to james smith, developed markets economist at ing. people are talking of a mild recession. what does that mean? quite often when we talk about recessions and the gdp numbers we think of two courses of negative growth being a technical recession. but that doesn t always feel like a recession to people. when we see a recession to people. when we see a recession we associate it with widespread job losses, people spending less money, people trying to save more, because they re uncertain about what is to come. we are not necessarily seeing that now. the fall in gdp we saw in the third quarter was small, we might see another slight fall in the fourth quarter. but it is not comparable to recessions in the past such as 2008 and the covid recession. so it is worth putting that in context. fix, worth putting that in context. a recession is two sets of three months where growth has been negative. in terms of what it means for people, what will this mean? the uk economy is
a mild recession . earlier i spoke to james smith. so we talk about recessions and the gdp numbers. us economists, we often think of two quarters of negative growth has been what we might call a technical recession. but i think it s worth remembering that doesn t always feel like a recession to people. often when we see a recession, we associate that with maybe widespread job losses, people spending a lot less money, people, you know, trying to save more because they re uncertain about what s to come. we re not necessarily seeing all of that right now. and of course, the fall in gdp we saw in the third quarter was very small, 0.i. we might see another slight fall in the fourth quarter, but it s not comparable to, you know, some of the famous recessions we ve seen in the past, 2008, of course, the covid recession as well. so it s worth putting that in context. just to let people know what recession is, it s two sets of three months. we ve seen growth negative in terms of wha
bank and signature bank are facing lawmakers who blame the poor management for the banks failures. the bank ran into trouble after depositors removed their funds causing a panic within the banking system. congress want to know what went wrong. it was the first time anyone had heard from the former ceo of silicon valley bank after the spectacular collapse of the financial institution, he ran for more than a decade. becker apologised what happened but did not seem to take any responsibility for the eventual collapse. in the former executives that were there were slammed for the millions of dollars they received compensation. they were asked if they had any intention of returning some of those funds. how much of the $40 million did you earn from loading up banks with this? are you planning to return to the fdic was yellow compensation, there s been a lot of talk about it long term and short term. i lot of talk about it long-term and short-term. lot of talk about it long-term an
c confirmed could happen as soon as june 1. manu raju has the latest. reporter: speaker kevin mccarthy has been pessimistic as talks have occurred on the staff level the past week to try to avoid the nation s first ever debt default. the white house has resisted calling for the national debt limit which is more than $31 trillion to be raised without any conditions whatsoever to avoid the prospects of the u.s. not being able to pay its bills. the house did pass a bill that included a host of priorities that democrats say is dead on arrival. so there is not much time left. in order to get a deal by that june 1 potential deadline to avoid the default, default could occur in the first couple weeks of june according to the treasury department or as soon as june 1. but he spoke to reporters on monday, and mccarthy made clear there is a long way to go. the way the president has ignored it for 100 days and he still hasn t taken it serious. reporter: even if they would to get a