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morning. we have major announcements, joe biden will hold a phone call with the president of china. the state department offers a deal to russia to get brittney griner and paul whelan release from jail in moscow. at what price? we have the host of way too early and the bureau chief of politico, and the author of the big lie. we have u.s. special correspondent for bbc news, and the former chairman of the republican national committee. good morning to you all. let s dive in after a year and a half of on and off negotiations. joe manchin has reached a deal with party leaders to pass a number of democratic agenda items through the reconciliation process. in a statement, he wrote in part, this bill will cut the inflation taxes that americans are paying. it will lower prescription drugs and health insurance. it will ensure that we invest in energy security and climate change innovations. he went on, it is time to put away the partisan swords and advance legislation that is in ....
inspiring america. announcer: this is nbc nightly news with lester holt good evening, everyone forecasters are using terms like heat dome and atmospheric rivers to describe what is driving extreme weather conditions across the country tonight, from dangerous rain and flooding to crippling heat many will see triple-digit highs in fact over the course of the next seven days, over 250 million americans can expect temperatures 90 or hotter. and while drought-stricken parts of the west can t seem to buy a drop of rain, too much of it has fallen in montana and wyoming. it s been wiping out bridges, roads, and literally carrying houses away. yellowstone park closed tonight a crushing start to the park s busy vacation season. from tornado sirens blaring in chicago to fires in the west, this is already shaping up to be a summer to remember our team is in place to cover it all, starting tonight with gadi schwartz. reporter: tonight, weather extremes as destructive as ....
unanimous decision to hike interest rates i 75 basis points. reporter: three quarters of a point, the most aggressive series of rate hike since the early 1990s. as the fed tries to catch up with runaway inflation, the goal is to bring inflation down, from 9% now to roughly 2%. the price hikes are eating into family and small-business budgets. in las vegas, this is a gluten and sugar-free bakery. the exploding prices are threatening her business. i walk the line every month. i have so much credit card debt, starting the business. i cannot get any loans. reporter: the credit card interest rates will climb higher, along with bank and new- car loans. with mortgage rates nearly doubling in the last year, pending home sales have dropped 8.6% in a month. in michigan, infinity homes built for first-time buyers. many of them now have ticker shock. we have had panic in the ....
Outage in odesa, texas, where city officials said they could go 48 hours without water right in the middle of triple digit temps. lester morgan, thank you tomorrow the federal reserve is expected to announce the biggest interest rate hike in almost 30 years in an effort to bring inflation under control. here s tom costello. reporter: amid skyrocketing inflation and with polls showing most americans disapproving of his handling of the economy, president biden pointed today to his own successes. we ve created 8.7 million new jobs in 16 months, an all-time record reporter: while again blaming the exploding prices on vladimir putin s war in ukraine just as he invaded ukraine, it s gone up $1.74 a gallon, because of nothing else but that. reporter: but inflation was running hot well before russia invaded, fueled in part by the supply chain crisis and ....