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Interview with Sen. Lisa Blunt Rochester (D-DE) Senate to Vote on GOP Health Care Bill Without Extension on Obamacare Subsidies; Federal Reserve Expected to Announce Third Straight Interest Rate Cut; 1 Student Killed, 1 Wounded in Shooting at Kentucky State University; Ukraine Expect to Send Revised Peace Proposal to U.S. Today. Aired 9- 9:30a ET

Aired December 10, 2025 - 09:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[09:00:00]

ROY WOOD JR., CNN HOST HAVE I GOT NEWS FOR YOU: "VERY, VERY, VERY MERRY HOLIDAY SPECIAL" is how do we keep politics out of the holidays? Because that's what everybody's going to be dealing with at the crib. So we're going to come up with a couple of ways to show you exactly how to do that --

JOHN BERMAN, CNN ANCHOR: And that's what we'll make it.

WOOD: -- around the house.

BERMAN: Yes, that's what will make it very, very, very special. If you manage to do that.

We're so excited for this special. Be sure to tune into "ROY WOOD JR.'S VERY, VERY, VERY MERRY HOLIDAY SPECIAL" this Sunday at 8 p.m. on CNN and on the CNN app.

KATE BOLDUAN, CNN ANCHOR: But then back to the politics. Let's start this hour off hitting the road to pitch his fix to the affordability crisis. President Trump calls affordability a hoax, says they're crushing inflation. Does the White House now have a clean up in aisle too?

And a campus in mourning. Classes are canceled today at Kentucky State University after a student was shot and killed outside a dorm. The new details there are about the suspect this morning as another student fights for their life.

And an 88-year-old veteran, working still at a grocery store, is finally able to retire. And then some, thanks to the generosity of strangers and the interwebs.

I'm Kate Bolduan with Sara Sidner and John Berman. This is CNN NEWS CENTRAL.

SARA SIDNER, CNN ANCHOR: All right, new this morning, President Trump beginning his tour to talk about affordability. His message, the affordability crisis is a hoax. His campaign style appearance in Pennsylvania may not have been what his advisors planned.

(BEGIN VIDEO CLIP)

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: They have a new word, you know, they always have a hoax. The new word is affordability. So they look at the camera and they say, this election is all about affordability.

Democrats talking about affordability is like Bonnie and Clyde preaching about public safety. They use the word affordability and that's their only word. They say affordability.

And everyone says, oh, that must mean Trump has high prices. No, our prices are coming down tremendously.

(END VIDEO CLIP)

SIDNER: Fact check. Prices on the whole are not coming down. Inflation is the same level as it was in January.

And average grocery prices are up more than one percent since January. That reality is dragging the president's approval rating on the economy down to just 36 percent in recent polling. And this was one of the key issues that, of course, helped him get elected.

CNN's Kevin Liptack is live at the White House this morning. I am curious if some of his advisors are going to be happy with what they saw, because he did definitely go off script quite a bit.

KEVIN LIPTAK, CNN SENIOR WHITE HOUSE REPORTER: Yes, the president meandered well off his teleprompter. He even said at one point that he wasn't reading that much from it. You know, this speech was really intended to road test his message on the economy.

He did talk about the economy, you know, periodically, mostly blaming economic anxieties on President Biden, mocking the idea of affordability and claiming that Americans were enjoying the best economy they ever had. But it was pretty clear about two minutes into the speech when the president took credit for reviving the phrase Merry Christmas, that this speech was going to be a lot more than the economy.

You know, he went on all of these tirades about transgender Americans, about windmills. He said the U.S. border was now tighter than North Korea's. He went on a remarkably virulent tirade against the Minnesota Representative Ilhan Omar, referencing her hijab, calling it a little turban, saying that she should be thrown the hell out of the country. He even revived that derogatory term for third world countries that he denied using during his first term, but now apparently feels no compunction about repeating, calling them shithole countries and wondering why the U.S. can't have more migrants from places like Norway and Sweden.

So it was a speech that meandered in all directions. Even when he was talking about the economy, he sort of offered a message of austerity, saying that parents should only give their children a few toys and a few pencils, suggesting that they were receiving too many. It does offer a preview of some sorts of how the president will approach this issue over the coming year.

His advisers say that this is sort of the kickoff to a major domestic tour focused on affordability. He says that his chief of staff, Susie Wiles, who in the speech he referred to as Susie Trump for some reason, wants him out on the campaign trail, suggesting that Republicans will only go to the polls next year if the president puts himself on the ballot.

[09:05:00]

I think the fear that his allies have is that he's repeating the mistake that President Biden made of trying to convince Americans that the economy is doing better than they think it is. And they worry that now almost a year into his term, that his argument that this is all Joe Biden's fault could be getting thinner and thinner -- Sara.

SIDNER: Kevin Liptack, thank you for your reporting there from the White House for us this morning -- John.

BERMAN: With us now is Senator Lisa Blunt Rochester, a Democrat from Delaware. Senator, nice to see you this morning. We just played some of the president's speech in nearby Pennsylvania.

I want to play a little bit more about this message of apparent austerity he's sending to parents about how they may want to spend in the coming year. Listen.

(BEGIN VIDEO CLIP)

TRUMP: You know, you can give up certain products. You can give up pencils because under the China policy, you know, every child can get 37 pencils. They only need one or two. You know, they don't need that many.

But you always need -- you always need steel. You don't need 37 dolls for your daughter. Two or three is nice, but you don't need 37 dolls.

(END VIDEO CLIP)

BERMAN: So, again, this was supposed to be about -- a speech about affordability. What do you think of that prescription to address issues surrounding affordability?

SEN. LISA BLUNT ROCHESTER (D-DE), HEALTH, EDUCATION, LABOR AND PENSIONS COMMITTEE: Well, I will start off by saying from the president who said he would bring down costs on day one, we are almost a full year in and people aren't seeing it or feeling it. And to make the reference that people don't have to buy a 27 dolls or 37 dolls for their child or multiple pencils, I think is really disconnected from the reality that many Americans are facing in this very present moment. You know, the reality is true that a lot of people are having to make very, very difficult decisions, but not just about the holidays, about their health care. And that's something that they shouldn't have to make a choice about whether or not to pay for their health care or pay their rent. We've seen rent go up. We've seen energy prices go up. We've seen food go up, as you just showed.

And so to even call it a hoax to me means that you are not really facing and understanding what people across this country are experiencing on a day to day basis.

BERMAN: Senator, you spoke about health care. Tomorrow, there will be a vote in the Senate on the Democratic plan, which you are behind to extend the Obamacare subsidies for three years. It's not expected to pass.

So what happens then? When, frankly, it doesn't pass, what happens then?

ROCHESTER: Well, John, the reality is our Republican colleagues have an opportunity to do something here to make sure that it passes. Now, think back. We have been going for months, encouraging our Republican colleagues to address this affordability issue that will really impact people's lives.

We literally have an imminent problem with people's premiums about to spike. And so we need to take care of that immediate problem. And so what we as Democrats have put forward is a three year extension that acknowledges the present cliff, the crisis that we're in.

But it also gives us room to really look at our healthcare system and make it better for the future. We acknowledge it is not perfect. It is not, you know, where we want it to be. But we do know that over the past 15 years, many families who had a member with a preexisting condition is now able to get health care.

Parents who had children who were in their early 20s can keep their kids on their health care plans. These are things that we want to keep. But we also know we have some opportunities here.

So for us, the simplest path forward is to vote tomorrow to extend these tax credits and allow the American people to have some breathing room and allow us in Congress to have the opportunity. And I came to the House in 2016. I was elected running on health care.

And I will tell you, since that time, I've seen my Republican colleagues try to replace and repeal and get rid of the Affordable Care Act. But without putting forward a real plan, we're putting forward something that can help people immediately.

BERMAN: Bill -- Senator Cassidy and Crapo have a plan that they are putting on the floor tomorrow, which would basically fund some HSA accounts. They say it would give consumers the money directly, rather the insurance companies. What, if anything, is attractive about that to you?

ROCHESTER: No, I think Chairman Cassidy and I have already worked well together and have talked about different things that we can work on. But those are long term. What they're proposing is not going to help people at the end of this year, in the beginning of next year, when they see their premiums skyrocket.

[09:10:00]

And so what we're proposing, again, is the simplest path forward. It gives us time to work on different operative ideas. And I was surprised that yesterday, I think maybe the third or fourth plan came forward from my Republican colleagues. They need to pick a plan. And they need to work with us.

Because we know that the American people are going to face this. And again, like I said, it's not just about dolls and pencils. This is about people's health care.

And this is life and death for many people in this country. And it's farmers, it's small businesses, it's my constituents up and down the state of Delaware. So we need to take a step back, do the right thing tomorrow, and vote for this.

It gives us the opportunity to do something on affordability for the American people.

BERMAN: Senator Lisa Blunt Rochester from Delaware. We appreciate your time this morning. Thank you -- Kate.

BOLDUAN: So in a few hours from now, the Federal Reserve is set to make a big decision to cut or not to cut interest rates. The expectation is the Fed will make a third consecutive rate cut by a quarter percent is the expectation in this final and critical decision announcement of the year.

CNN's Matt Egan is standing by for that, of course. And ahead of that, he's with us. Matt, what are you hearing about this today?

MATT EGAN, CNN SENIOR REPORTER: Well, Kate, Wall Street thinks that a third straight interest rate cut from the Fed is imminent, right? The market is pricing at about a 90 percent chance of a quarter point cut today, 10 percent chance of no change at all. At this point, the Fed almost has to cut interest rates, because if it doesn't, that's going to really surprise investors and rattle financial markets.

And that's not something that Fed typically likes to do. And so if this plays out as expected, this would lower the Fed rate by almost two full percentage points from the peak last year. You can see on that chart. Fed rates are clearly coming down.

This would be a fresh three-year low. But we also have to think about why the Fed is cutting. It's not because inflation is down.

Inflation is not, right? It's right where it was when the year started. It's really because unemployment is up and Fed officials want to act now to shore up the shaky job market.

Now, make no mistake, this does look like a tough call from an increasingly divided Federal Reserve, in part because they're still dealing with a bit of an information vacuum caused by the government shutdown, right? The most recent jobs report is 70 days old at this point. We're not getting the November jobs report until next week. Inflation reports have been delayed as well.

Now, a few things to watch for at today's decision, beyond the job market concerns, is how many Fed officials dissent from the majority. Last meeting, just before Halloween, it was two dissents. There's some Fed watchers that think we could get three dissents. That has not happened since 2019.

The expectation is that this will be a hawkish rate cut from the Fed, meaning, yes, borrowing rates could come down, but the Fed may signal a higher bar for interest rate cuts next year.

And lastly, Kate, we're going to get some new projections from Fed officials on where they see interest rates, the unemployment rate, and inflation going next year.

BOLDUAN: Why? Explain why the stock market cares so much about this Fed decision.

EGAN: Yes, well, Kate, look, all Fed decisions are important. Interest rate cuts in particular, they can act as rocket fuel for the stock market for a few different reasons, right? I mean, first off, it encourages more spending from consumers, also from businesses.

It can boost confidence among CEOs and consumers alike. And also make it easier, cheaper to repay debt and help companies and consumers avoid falling into financial trouble. And the lower the interest rates go, it means less competition that the stock market faces from the normally boring bond market. And look, at the end of the day, Kate, despite all the turmoil this year, the trade war, uncertainty over the Fed, it's been a blockbuster year for the stock market, double digit returns for the Dow, the S&P and the Nasdaq as well.

But as far as what happens next in the stock market, that's going to be influenced in part by what the Fed says today about interest rates next year.

BOLDUAN: All right, Matt, great to see you. Thank you so much. That coming up -- Sara.

SIDNER: All right, just ahead, a video the public is seeing for the first time, what happens when police first confront accused murderer Luigi Mangione inside of a McDonald's.

And parts of Washington state experiencing historic flooding. How much rain is expected to fall, wreaking havoc across the Pacific Northwest?

And no one is shushing these elementary school students at a Chicago library because they had a big surprise and they were allowed to talk about it.

[09:15:00]

(COMMERCIAL BREAK) SIDNER: This morning, a family is in mourning. All classes and final exams are canceled at Kentucky State University after a shooting outside a campus dorm left a student dead. Another is critically injured.

Right now, a 48-year-old suspect is in custody. He is currently facing murder charges. CNN's Ryan Young is following this investigation.

Have we learned anything about the suspect in this case as we look to this campus, which is closed today?

RYAN YOUNG, CNN SENIOR NATIONAL CORRESPONDENT: Yes, Sara, since the last hour I talked to you, I've actually been able to confirm that Jacob Lee Bard is the suspect who's under arrest. He's 48. Right now, we're not told about a motive.

Police who I've talked to haven't been able to tell me whether or not he'll have a first court appearance today. So hopefully we'll figure out at some point whether or not there was some sort of reason why he showed up on campus with that firearm. Now, let's not forget the person who's in critical condition is in stable condition right now.

This happened at Kentucky State University just around 3:10. This was during final exams. And you could understand some of the students were obviously very scared. There was running, people trying to figure out exactly what's going on.

The suspect surrendered to police pretty quickly. They were there about four minutes after this shooting happened.

[09:20:00]

Take a listen to some of the students on campus and to understand their frustration and fear at this point.

(BEGIN VIDEO CLIP)

LESTER BROWN, STUDENT, KENTUCKY STATE UNIVERSITY: This is the type of stuff we try to get away from and to come to college and have it be right at our doorstep. It's just like crazy. And we pay too much money for this kind of stuff to be taking place at this school.

ANTHONY JONES, STUDENT, KENTUCKY STATE UNIVERSITY: Yes, I feel the same way, basically, like thought I was safe here, ready to get up out of here. And that I heard that.

(END VIDEO CLIP)

YOUNG: Yes, the shooting unfolded outside Whitney M. Young Residence Hall. That's a dorm on campus. Like you noted before, classes have been canceled for the rest of the week.

Once again, we've confirmed that Jacob Lee Bard is that suspect who's been arrested. I've been in contact with not only the jail there, but also the police department trying to figure out when his first court appearance will be, wondering whether or not the suspect has been talking with police and investigators to find out exactly what happened, that one person is still remaining in critical condition.

So many questions about this, Sara, obviously something that was very fearful for the folks who were there on campus.

SIDNER: Yes, you heard it straight from the students' mouths. Great reporting from you this morning. Thank you for that new information. Ryan Young, do appreciate it --Kate.

BOLDUAN: All right. Today, Ukrainian President Zelenskyy is preparing to send his updates to the proposed peace plan and the war with Russia back to the United States. So what the new framework will look like, and will it be enough to get, well, not even a deal across the finish line, but just get him to the table? Yet to be seen.

And we are just minutes away from opening bell on Wall Street. At look now at futures ticking down this morning.

President Trump last night during his speech in Pennsylvania said a lot, as we've been discussing also once again, went about criticizing the Federal Reserve as investors stand by for their critical year-end meeting today. The question hanging over the central bank, will they or won't they, and maybe by how much will they cut interest rates for a third consecutive time to cap off 2025?

[09:25:00]

(COMMERCIAL BREAK)

BERMAN: All right, what could be a critical step today in the push to end Russia's nearly four-year-long war in Ukraine. Ukrainian President Volodymyr Zelenskyy says negotiators will send a revised peace proposal to the United States. And it comes as President Trump is increasing pressure on Zelenskyy to cut a deal that could include land concessions, claiming that Ukraine is, quote, losing the war.

But new CNN reporting finds that's not necessarily the reality on the ground. Let's get to see in a chief national security analyst, Jim Sciutto, for the latest on this. So what is the reality, Jim?

JIM SCIUTTO, CNN ANCHOR AND CHIEF NATIONAL SECURITY ANALYST: Well, John, I spoke to U.S. officials briefed on the latest intelligence assessments of the war. I spoke to European officials who've read the assessments, and I spoke to a Ukrainian military official as well. And they say there is no new military assessment or intelligence assessment that finds that Russia is winning this war that Ukraine is losing.

It's a far more nuanced picture. Russia has been making slow progress for months at an enormous cost, but with no fundamental change to the situation on the front lines.

One Ukrainian military official said to me, the following said that Russia is making incremental progress. They're creeping in, but it is not a fundamental change from what has been happening over the last several months. So it appears that appears that President Trump is creating his own

assessment of the battlefield as he adds pressure to Ukraine to make a deal, because by all accounts, President Trump is growing impatient to come to a deal. The trouble is, of course, John, he's in effect sharing what is the Russian coloring of this war, the situation of the war, saying that we're always going to win, we have the momentum, and therefore Ukraine must recognize that reality.

But I'll tell you, John, that is a pressure campaign, but also a read of the war that makes European officials very uncomfortable, in fact, frightful that they and their Ukrainian partners will be forced or attempt to be forced by the president into a deal that they don't want to make and that they don't see as a lasting one or one that serves their own security interests.

BERMAN: Which gets to this revised plan that the Ukrainians are apparently sending. Any sense of what is in it and how it differs from what the United States has been putting out?

SCIUTTO: Well, it appears the biggest -- well, there were a number of issues with that original 28-point proposal, which was widely described even, as you know, by Republican lawmakers in this country as a pro-Russian proposal. But one of the key ones was how much land Ukraine would have to acknowledge, in effect, that it has lost the Russians. The original plan had Ukraine giving up more land than even Russia has occupied today, that is, all of the eastern Donbas region, which Russia has most of it but not all of it, so they'd have to, in effect, cede territory they haven't lost.

But then the question is, how is that land recognized in any peace deal? Because European leaders and Ukrainians do not want to officially recognize Russian-occupied territory as now part of the Russian Federation. They say that that would be rewarding war, right, to redraw the map of Europe.

It appears that the U.S. is more comfortable with that, which is pretty remarkable, given how Russia came to occupy these lands. So, you know, that's still one of the most fundamental disagreements, and we'll see if they can get to an agreement there in the near term.

BERMAN: Yes, we'll see what the U.S. reaction is to this new Ukrainian proposal. Jim Sciutto, great reporting, as always. Thank you.

SCIUTTO: Thanks so much.

BOLDUAN: So Australia is now the first country in the world --