tonight, disney, our parent company revealing a decision that was not easy to make. cancelling a one billion project in florida that would have brought 2,000 jobs to the state citing the changing business climate in florida. disney is blaming ron desantis for retaliating against the company for what critics call don t say gay law. the abc news exclusive tonight, the case making national headlines, and for the first time right here, the husband whose new wife was killed on their wedding day, police say, by an alleged drunk driver, is speaking out and the new lawsuit tonight against the 25-year-old driver and the bars who allegedly served her. the debt ceiling showdown. the race against time to avoid default. biden in japan for the g-7 summit. he ll cut his trip short to resume talks. rachel scott live on the hill. tonight, the unanimous ruling from the supreme court, the justices siding with tech and social media giants including twitter and google, saying they are not liable
guns in this country. we ll bring you all the breaking developments from the supreme court as they all happen this hour. that s right. also this morning, we follow several economic stories. hours from now, we could potentially see the biggest interest rate hike in decades. experts believe that the federal reserve is poised to hike rates as much as 0.75%. that may cool inflation, american consumers would feel the impact in many other ways. mortgages, car loans, credit cards and student borrowing would all become more expensive. also this morning, in an effort to drive down historically high gas prices, the biden administration is putting pressure on oil companies for, quote, concrete ideas, lower rising costs. we are following all of that. also, new details on mike pence to block the certification of the election. vice chair of the committee. congresswoman liz cheney teasing ahead to tomorrow s hearing releasing a portion of a taped deposition with former trump white hou
nearly three decades. all, of course, in an effort to slow slowing inflation. in hours, the fed expected to announce raising rates by 0.75. that will make it more expensive to pay for things like a mortgage. the biden administration under growing pressure to do more to avoid a recession. retail sales fell last month. consumers feeling the squeeze from the record high gas prices, inflation and already rising interest rates. let s begin our coverage with cnn s matt egan live in washington taking a closer look at the fed s big move expected today, matt. reporter: erica, this is shaping up to be an historic day for the american economy. in just under three hours, the federal reserve is expected to take aggressive action to try to tame inflation. prices surging so rapidly that economists and investors now expect the fed to raise interest rates by 0.75%. this is a big deal. some context, just six months ago or so, there was a debate over whether or not the fed would raise interes
the prices down. first, what more can we expect with this decision from from the fed next hour? bottom line what does it mean for american families? reporter: i think hearing from powell will be highly scrutinized. i think economic projections. we will hear how fed officials are feeling about the state of our economy, not just right now but also for years to come in terms of things like gdp growth, inflation for sure. also unemployment, the battle of the bar here for short is interest rates. if you take a look at interest rates over the last few years, you can see they were pretty much at zero during the pandemic as the federal reserve tried to encourage borrowing and spending. now rates are on the way up. the first hike was in march. then we saw rate hikes last may, last month. we know they are on their way up. i think what s parent to know is there is wide consensus there is much more ram to go in terms of where we see notes go. we put out a note yesterday ultimately it e