told and the storms ahead. Money to treat them held up in washington. This is an embarrassment to the senate, to the country, to the founders and all held dear. An american couple photographed wearing and alleging kgb uniform. Now, both are charged with Identity Theft. The allegation and the denial , building a new Political Party. President trumps inner circle continues to meet with the j6 committee. What happens to your digital life when you die. Live from cnbc. The facts, the truth, the news. The economy is on the verge of a recession or a recession has already started. The white house says, no. The fed doesnt think so either but new data may suggest otherwise. We learned today that the economy shrank. The gdp fell. 9 . Nationwide spending is slow. Investments have dropped and inventories have dwindled as Companies Struggle to keep the shelves stocked. Six straight months of negative growth. Two quarters, longheld rule of thumb but many economists say it is not that simple and that other factors need to be taken into account like wages and employment. President biden stressed that, today. We have a record job market of record unemployment of 3. 6 , today. We have created 9 million new jobs, so far, since i have become president. Businesses are investing in america at record rates. That doesnt sound like a recession to me. Janet yellin echoes the presiden number tot. Understan in the context of todays report, it is important to look beyond the headline number to understand what is happening. Overall, with the slow down in project demand, this report indicates an economy that is transitioning to more steady, sustainable growth. Secretary yellin urged experts to avoid getting into, as she put it, a semantic battle when talking about the health of the economy but americans are feeling the pain. Many are struggling to stay afloat amid the Interest Rates and skyhigh inflation. We have the plan to push address inflation. Is the root of all of this inflation . It very much is inflation but i would say, you look at this news and in many respects, this is what we meaning the country actually wanted. Inflation was moving at a very high pace and we want to slow things down. What is happening . Things are getting slower. So we are all looking at saying, that feels bad and it does but inflation into itself, if it were to continue, might feel worse. There is a bit of context you have to put around these headlines. You hear about a lot of job changes and the question is, can the fed get inflation under control without hurting the economy to bad . Interestingly there is a possibility there , ll be a when youquote look ut at the way the stock market reacted, there is the sense that maybe the fed has done its job and wont have to continue to raise Interest Rates as much as some people expected. There is the possibility that there will be a quote, unquote soft landing but i think over the next several quarters, things are not going to feel like they felt 12 months ago. A chance of a soft landing but i am hearing people say, yeah, there is a chance but it is not a good chance. I do think it is relative. Compared to where we were and i think there is a lot of second guessing as there should be about when the fed started to raise Interest Rates. Had they been able to get ahead of this and start raising Interest Rates months earlier than they did, we might not be having the problems that we are having, today. One of the things we are always talking about is supplychain and wages going up. Wages going up feels good but raises costs for everybody and the fed has a very blunt instrument which is to make everything costs more. President biden insists the Senate Democrats map a new spending deal will ease pressure on the economy. They are calling it the Inflation Reduction Act. Today, the president described it as an historic agreement that will fight inflation, lower healthcare costs and tackle climate chang bill is fae we are facing some of our biggest problems and we are taking a giant step forward as a nation. This bill is far from perfect. It is a compromise. But that is often how compromise is made. The deal was essentially dead until joe manchin reversed course and threw his support behind it, last night. He had been holding out for weeks but Chuck Schumer still faces an uphill battle to pass this bill. Coverage continues with caleb. Break down the bill for us. Reporter the 11th hour deal reshapes policy and will likely be the last big bill passed before the midterm after the house passed the chip bill, today. The Inflation Reduction Act provides 385 million in funding for clean energy, subsidizes for three years and allows medicare to negotiate drug prices and pays for it al than half of that, nettingl 300 bill mostly by establishing a 15 minimum tax on corporations. Democrats say it raises the 739 billion in funds just half of that. 300 billion that they have pledged for debt reduction. Senator mentioned has launched an intervention this week. Larry summer to talk to mention in detail about why democrats propose the economic package including the Energy Provision would not lead to higher prices. Today, i asked the administration. Reporter i am wondering where the assurance is that that legislation would lower inflation. I would refer you to Larry Summers on the conversation they had. I know that he has been very supportive of the act. Inflation reduction act. I am just not going to go into any further details. Reporter the Senate Majority leader told his caucus that the bill captured the parties longtime priorities and urged them to pass it before heading home in august. He did mirrored when asked. Look, the members are reviewing the text, the long text of 700 pages and giving everyone time to review the text. In the meantime, we are continuing with the birdbath and we expect to move forward next week. Reporter the bill could see a vote next week but democrats currently dont have critical maps. Patrick leahy has said he would return to vote. Durbin and mansion currently out with covid. Catastrophe in kentucky says the governor. A one in 1000 year flood across the southern part of kentucky. The waters turned deadly overnight and another round of storms set to pummel the area this evening. The governor declaring a state of emergency. This is, by far, the worst flooding and disaster at least in my lifetime in kentucky. It has wiped out what we believe are hundreds of homes. We have half of some of our counties underwater. We are going to lose double digit lives. I know we have already lost at least eight. But i know there are many more than that. The flooding has varied talents. This drone about three hours east of louisville. Entire buildings underwater. Only the roof is still visible and the roads are turned to rivers. The governor says National Guard and state police are still searching for people caught in the flooding, stuck on roofs or even entries, he said. He said some areas still have not crested. Up to one foot of rain fell in some areas overnight. In this video from st. Louis, today, just this afternoon, another storm hammering that area after recordsetting flooding just two days ago. This entire street underwater. Fire officials reported multiple people including children trapped inside of a daycare facility and, moments ago, they said they rescued six kids from that building. Now the storm that hit missouri has kentucky in its sights for later tonight. Mackey is tracking the situation in hazard, kentucky. Reporter in a swath of the south submerged, total devastation and a death toll expected to climb. We have damaged bridges. The whole roadway is gone. Reporter the city of hazzard devastated after torrential rain and sweeping flash floods and mudslides. Everybody knows everybody around here. When it comes this fast, there just aint nothing you can do. Reporter confirming dire numbers including eight People Killed including an 81yearold woman. The governor declaring a state of emergency. We probably have not seen the worst of it. Sadly, we believe we will lose kentuckians and a lot of kentuckians will lose most of what they have. Reporter Recovery Efforts complicated. Knocking out power to more than 25,000 people and wiping cell coverage throughout the region. In a nearby town, rescuers scour a assistedliving facility. This is a roof ripped off and tossed to the side. There is a power pole snapped in half and look at the debris on the side of the road. It looks like a tornado hit. Reporter wreaking havoc, repeated rounds of showers and storms over Eastern Kentucky overnight dumping rain onto ground already saturated. The same type of storm that walloped st. Louis earlier this week. Fema and the National Guard are on the ground in kentucky. Judy butlers Home Flooding for the second time this year. Round one was back in march. The first time, we had insurance. This time, we dont. But we will make it. We always do. Former President Trump acting chief of staff testified before the january sixth committee for more than two hours, today. T for a start . You asked to come in or did you volunteer to come in . Were you at the committee or did you volunteer . Subpoena or no insurrection. At the time, he wa . Serving in Mick Mulvaney resigned on the night of the insurrection. At the time, he was serving in Northern Ireland after mr. Trump replaced him with mark meadows. E days in a long time, he put it. Mike pompeo now as mulvaney was leaving, he told reporters he had spoken to anybody from the Trump White House days in a long time, as he put it. Mike pompeo now confirms he is also in talks with the january sixth committee to possibly testify. He told foxnews he is still trying to figure out whether he will do it. In the meantime, Betty Thompson says the committee had formalized a system to share evidence and witness transcripts with the Justice Department for its ongoing criminal investigation. As nancy pelosi gears up for a potential trip to taiwan, chinas president with a stern warning, today. The threat he delivered to the United States but does the rhetoric match the reality . North korean dictator says he has nuke u. S. Allies responded to thes threat. And and he is a ready todonald use them in a military conflict. Now, his closest neighbor and u. S. Ally response to the threat. Mcdonalds plan burger available as they say for a limited time only. It turned out very limited. Why they are dumping the veggie option. The facts. The truth. The news back in 60 seconds. Mail letters ship packages anytime anywhere for less a lot less get our special tv offer a 4week trial plus postage and a digital scale go to stamps. Com tv and never go to the post office again the chinese president xi jinping delivering a stern warning to President Biden as tensions escalate quickly over taiwan. In a call that lasted more than two hours, xi jinping warned President Biden those who play with fire will perish by it, in a hope that the chinese president delivering a stern warning to biden, today, as tensions escalate quickly over taiwan. In a call that we are told lasting more than two hours, she warned President Biden, those who played with fire will perish by it. It is hoped that the u. S. Will be clear eyed about this. That the direct quote, the u. S. Readout made no mention of this quote. Right now, beijing is threatening strong measures if nancy pelosi visits taiwan during her Upcoming Trip to asia. Sources tell abc news she will lead on a trip tomorro taiwan, of coursw. A lightni ta ro is holding a massive military exercise that simulates a chinese invasion of the island. Taiwan, of course, a lightning rod and a dangerous flashlight. The United States applies taiwan with billions of dollars in military aid but beijing insists taiwan wants to break away providence that rightfully belongs to china. The president has vowed to reunify with taiwan and a drastic military buildup has raised fears that beijing might be preparing for an invasion. The white house says President Biden and he had a direct discussion about taiwan and that biden underscored the u. S. Opposes any changes to the status quote with taiwan. Lets turn to michael hamlin. Michael, all of the saber rattling is the status quote still workablehope so. If you change the status quo, how will . You i dont see an alternative so i hope so. If you are going to change the status quo, how are you going to change it . Is china going to take taiwan, is taiwan going to go to independence . Are we going to encourage taiwan to do so . All of these are a potential war. In the meantime, china can still say it wants taiwan back someday. Taiwan can still govern itself. Its people have a great technologybased and industrial base. They have a Good Relationship with the rest of the world and we ourselves do not have official relations with taiwan but the status quote has been pretty good for everybody for a long time. And i just hope that cooler heads will prevail and recognize that it is not so bad. The senior officials tell abc news that President Biden and xi discussed the meeting in person. Good that secretary blinken an when could that sort of thing happen . First i would say that it is good that these two gentlemen talked and it is good that secretary blinken talked to his counterpart and secretary austin talk to his over the last few months. That is a lot better than letting this thing go off the rails. Summits tend to generate a lot of press coverage and a lot of discussion. Sometimes, they are overhyped. Of contention and disagreement. If y they look for areas where they can cooperate and yes, there were some areas of contention and disagreement with kim. If you talked for two hours, you probably have some real business that you discussed, as well. I am not concerned about the summit. The president had a summit with kim of north korea. That did not really lead anywhere so i think it is important to keep these Communication Channels open. Michael ohanlon, thanks as always. You mentioned kim, he is ready to use nukes should any potential military conflicts arrive according to the state media. Kim making a declarations. He said drills between the u. S. And south korea are gangster like and show a double standard. In a statement, south korea says they would be ready to take action against any sort of threat from the north and a powerful and effective manner. North koreans conducted more than 30 missile tests so far this year compared to eight in all of last year. Jetblue and spirit reaching a deal to join forces. What made spirits ceo jump on board and how the airlines plan to win over the department of justice. Four cases of covid among almost 1 Million People in lockdown as the zero covid policy returns to the place where the pandemic began. These folks dont have time to go to the post office they use stamps. Com all the services of the post office only cheaper get a 4week trial plus postage and a digital scale go to stamps. Com tv and never go to the post office again. Flowers are fighters. Get a 4week trial plus postthats why the a dialzheimers Association Walk to end alzheimers is full of them. 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I mean, can i have a bite . Only from xfinity. Nah. Unbeatable internet. Made to do anything so you can do anything. Jetblue airways agreed to by Spirit Airlines in a 3. 8 billion merger. This will create the wor Jetblue Airways agreeing to buy Spirit Airline in a 3. 8 billion merger creating the fifth Largest Airline according to the company. Government regulators still have to approve the deal. Reporter jetblue looking to become a bigger airline with more planes and routes and buying low cost carrier, Spirit Airlines. The best thing that we can do to create a more vibrant, a more Competitive Industry is to really empower this new, larger jetblue which can bring low fares and Great Service together and make sure that the industry becomes more competitive. Reporter spirit has become known for its low fares, popular with travelers looking to save money, similar to what Frontier Airlines offers. One reason they agreed to merge even when jetblue made for lucra