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CNN International: Soon: House Votes On Speaker In Key Test Of Trump's Leadership; Speaker Johnson "Confident," Predicts One Round Of Votes; City Council Plans To Investigate Lack Of Permanent Bourbon Street Barriers After New Year's Day Attack. Aired 11a-12p ET

Aired January 03, 2025 - 11:00   ET

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

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ZAIN ASHER, HOST, "CNN NEWSROOM": Hello, and welcome to our viewers around the world. I'm Zain Asher coming to you live from New York.

Still to come here on CNN Newsroom, a numbers game, U.S. House Speaker Mike Johnson is about to find out whether an endorsement from President-elect Donald Trump is enough to keep the gavel. We are live for you at Capitol Hill with the latest on the speakership vote. Plus, new images show the New Orleans terror suspect walking around the French Quarter an hour before the deadly attack. Authorities are now asking for the public's help in their investigation. And U.S. President Biden announcing he is blocking the sale of U.S. Steel to Japan's Nippon Steel. We are live at the White House with a look at what this means for U.S.-Japanese relations.

All right. Welcome, everyone. You're looking at live images of Capitol Hill, where House Speaker Mike Johnson holds on to the gavel, and that gavel hangs in the balance for him. In the next hour, the U.S. House will vote for its next Speaker with a razor-thin Republican majority, Johnson's fate could literally come down to a single vote. With the narrowest House majority in a century, Johnson can only afford one Republican defection in his bid to win re-election. Republican Thomas Massie of Kentucky has already said that he is not going to be supporting the Speaker. Looming large over all of this, Monday's certification of the presidential election results, which cannot happen if a House Speaker is not in place.

One very key endorsement that Johnson does have is President-elect Donald Trump, who posted his support in online message today. Today's vote will be a major test of the hold that Donald Trump has on the Republican Party, just ahead of his next term.

Earlier, Johnson told CNN, he is confident that he will clinch the speakership in the first round of voting.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: How are you feeling this morning?

REP. MIKE JOHNSON (R-LA): Yeah. Proud.

UNIDENTIFIED FEMALE: How many holdouts, do you think, there still are? Would you be --

JOHNSON: I think -- I expect we get it done on the first round.

UNIDENTIFIED FEMALE: -- would you be open to making Chip Roy the Rules Committee Chairman?

JOHNSON: I'm not making deals with anybody.

(END VIDEO CLIP)

ASHER: Our Annie Grayer is on Capitol Hill with the very latest. So, Johnson there saying that he is confident. He thinks he can get it done in the first round. Couple of problems, though, the fact that you've got Representative Massie of Kentucky saying that he is not going to be voting for Johnson, and he literally cannot afford to lose an additional vote beyond that, what are the chances, Annie, that he is actually going to manage this in the first round?

ANNIE GRAYER, CNN REPORTER: Well, Johnson is feeling very confident, as we're less than an hour away from when members start voting for Speaker. But, it's going to come down to a math problem. Johnson can only lose one Republican if everyone else is in the chamber and voting and Massie has already come out against Johnson. But, in this final hour, we haven't seen any of the other members who have been questioning their support of Johnson, definitively come out and say they are against him. So, there is just a lot of unknowns here.

But, Johnson has been working behind the scenes, trying to shore up his support. He has been quick to say, though, he is not making any side deals in order to get votes. He is just trying to open up this process and let members who are frustrated be heard. But, there is a lot of frustration, especially among the far right. Let's take a listen to what Thomas Massie has to say about why he is not supporting Mike Johnson.

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REP. THOMAS MASSIE (R-KY): I am the one hell no. They say there is up to five or six who may be voting no. You can count on me to be a no. You can pull all my fingernails out. You can shove bamboo up in them. You can start cutting off my fingers. I am not voting for Mike Johnson.

(END VIDEO CLIP)

GRAYER: So, Massie is not mincing words there. And let's take a look at some of the other Republicans who have suggested that they might not vote for Johnson either, though they haven't come out as strongly as Mike Johnson. There is about a dozen on that list. But, Johnson and his allies are still very confident that they can pull this off, even on the first ballot, and think that these Republicans who are raising their concerns are going to fall in line once voting starts less than an hour from now. ASHER: So, he is confident. He thinks he can get it done in the first ballot. But, when you look at the math, obviously there is an issue, right? And so, even if he doesn't get it done in the first ballot, what happens if he doesn't get it done is that they go into another round of voting and another -- I mean, we saw with Kevin McCarthy, but it took 15 rounds. I mean, is it likely that he will eventually, Annie, get the speakership?

[11:05:00]

Just -- we don't actually know how long it's actually going to take him.

GRAYER: Right. I mean, that's what all signs are pointing to, and that's specifically because Donald Trump, as you pointed out in the beginning, is firmly behind Johnson, and Trump wants to come in on January 20th to a Republican trifecta in Washington, Republicans controlling both the House and the Senate, and really hit the ground running. Republicans do not want the chaos that would ensue if Johnson -- if they can't elect a Speaker. I mean, also, as you mentioned, January 6, which is the certification of the election on Monday, is going to have some serious challenges if there is not a Speaker of the House elected.

So, Republicans know what's at stake. They have been given the majorities in both chambers of Congress, and that is the argument that Johnson and his allies are using in these meetings, trying to get these holdouts on board, because they know that with Trump's backing, they have to try and move forward. And the argument here is chaos is not good for Republicans, as they try and show that they can lead.

ASHER: Absolutely. All right. Annie Grayer live for us there. Thank you so much.

OK. So much to talk about here with Farnoush Amiri, Congressional Reporter for the Associated Press. Farnoush, thank you so much for being with us. I mean, obviously we will remember what happened with Kevin McCarthy. Obviously, it took not just 15 rounds of voting, but he had to make so many compromises, right, and so many side deals in order to eventually clinch the speakership. Clearly, in hindsight, that may have been a mistake for him. Walk us through what Mike Johnson is going to have to do this time around. Can you see the same sort of thing where, yes, let's say he doesn't win on the first ballot, that eventually, though, he will have to make some similar types of compromises?

FARNOUSH AMIRI, CONGRESSIONAL REPORTER, ASSOCIATED PRESS: Yeah. I mean, while we are facing somewhat of a deja vu experience, I will note that this is extremely different circumstances. The last time around, it was after a midterm election. A Democratic President was still in office. There was no certification of the election, days away from when the Speaker election was, and Donald Trump, at that time, was still trying to push for Kevin McCarthy, obviously not in the extreme way that he is pushing for Mike Johnson now, but was pushing for Kevin McCarthy. You'll remember the images on the House floor of Marjorie Taylor Greene holding up her phone with Donald Trump on the phone, trying to get the last few members of the far right Freedom Caucus to (TECHNICAL DIFFICULTY). Obviously, we saw that. It didn't work, and it only worked at the end because he gave up so much of his power, and that ended up in his removal.

But, what you'll see in this case is that Mike Johnson has not only the backing of Donald Trump, but he has the extreme support of the majority of the caucus. We do not see the same numbers that Kevin McCarthy had, and that's because Mike Johnson is relatively new to this job. He hasn't had a lot of time to make a lot of people as angry as Kevin McCarthy had over his decade-long leadership of the Republican conference. So, I think that the terms and the consequences of what happens if Johnson is not elected Speaker today is much, much different than what happened with McCarthy.

ASHER: What's also different is the fact that the Republicans have the slimmest majority in about a century. And so, even though Johnson doesn't have as many detractors, he can only really afford to lose one vote. He has already lost that vote. We saw what Thomas Massie had to say. You can claw out all my fingernails. I am not voting for that man, is essentially what he said.

So, let's just say that he doesn't win on the first ballot, and that -- it goes into another round of voting, which is likely at this point in time, what does he need to do between those ballots, between those votes, to get more people on board? He has already said that he is not willing to make any side deals. There is not going to be any quid pro quo.

AMIRI: Yeah. I think what we're going to see is a lot of what we saw with Kevin McCarthy, which is on the floor, live negotiations between (TECHNICICAL DIFFICULTY) two or three people that may hold out until the second or third ballot. We might see -- one of the things up for negotiation is whether Representative Chip Roy of Texas would become the Chairman of the Rules Committee, which is a powerful Committee that decides whether or not legislation gets onto the House floor. That is still up for negotiation.

Obviously, last time around, Chip Roy and several of his far-right colleague getting on the Rules Committee was part of the compromise that Kevin McCarthy made. Whether or not Johnson will take that even further and make Roy a chair, will be interesting to see. That might be something we see on the floor.

But, I do think a lot of this, and I'm saying this after having talked to Republicans in the last hour, a lot of this is a hazing effort. I think Republicans know after what happened with McCarthy, that they can get away with this kind of stuff, that they can push leaders to far extent, and sometimes even for the TV hit, sometimes even for just getting attention for a freshman member, a sophomore member, who normally wouldn't get the attention, is able to become the main character of the day, if they hold out long enough, and Johnson might throw something at them while on the House floor just to get this process over with.

[11:10:00] But, I would agree with what Annie said. I think we'll see likely by the end of the day that Mike Johnson will become the Speaker of the House again because of the stakes of what happens if he doesn't. But, I think how painful Republicans are going to make that for him between now and that moment he has the gavel is, remains to be seen.

ASHER: I mean, it's also extremely humiliating, isn't it? Just -- it's basically public humiliation, just in terms of having to go through that many ballots.

You mentioned certain members seeking attention. A lot of people accused Matt Gaetz of that when it was Kevin McCarthy's term. But, the truth is, the speakership job is a thankless, impossible job, because it's so difficult to really unite such a divided party. I mean, the Republican Party today is filled with so many internal divisions and so many internal conflicts. If not Johnson, I know that we think that he is eventually going to get elected again, but if not Johnson, then who?

AMIRI: Yeah. I mean, I think you don't have to look far better than the same names that came up last time around, right? The same people are waiting, effectively in line, and that is Steve Scalise, the majority leader. He was up for to take Kevin's spot -- Kevin McCarthy's spot last time around. You'll see Tom Emmer, the majority whip, and then Jim Jordan, who is someone I spent a lot of time covering, who really is what many of the folks that are having issues with Johnson see as a solution to him.

And -- but, at the end of the day, the math problem that Annie and you have talked about is still there with those individuals. And Johnson, given that he has already been Speaker and he is currently Speaker right now, has the leg up on that, and has the backing of President Donald Trump that none of those people have at this current moment, and not to say that Trump wouldn't switch his support if that came up. But, I think we're really looking at a much better situation for Mike Johnson than Kevin McCarthy had this time around.

ASHER: Yeah, because you mentioned that he doesn't have as many detractors, enemies, so to speak, as Kevin McCarthy did.

All right. Farnoush Amiri --

AMIRI: Yeah.

ASHER: -- thank you so much for being here. We appreciate it. Thank you.

AMIRI: Thank you.

ASHER: All right. As we mentioned earlier, Donald Trump is pressing Republicans to vote for Mike Johnson. If there is a drawn out Speaker fight, one that last days, it could potentially delay the January 6 vote to formally confirm Trump as the winner of the White House. But, perhaps the bigger reason Trump is so invested in this is that Trump has promised to hit the ground running when he takes office on January 20th, and he needs a united GOP to begin enacting his agenda. So, will Trump's endorsement be enough to get Johnson the Speaker gavel? CNN's Steve Contorno is about to answer that question.

So, Steve, walk us through what sort of impact Donald Trump's endorsement of Mike Johnson has had on the speakership race so far. Has he convinced any sort of nos to yes?

STEVE CONTORNO, CNN REPORTER: He is certainly trying, Zain. We have seen Donald Trump be much more involved in this Speaker vote than he has in past Speaker votes. He certainly has not stuck his neck out for -- he did not stick his neck out from Kevin McCarthy in the way that he is for Mike Johnson.

He posted to Truth Social earlier today, reinforcing this idea that he is behind him 100 percent, and then just moments ago, speaking on the phone with our own Kristen Holmes, Donald Trump called Mike Johnson, quote, "a fine man, religious, smart, strong, someone he has his full support", also telling him that he is not someone that -- he does not have anyone else in mind for replacing Mike Johnson if he ultimately falters, saying, quote, "Look, we had the greatest presidential election. We won the popular vote by millions of votes. We had a great election, and it would be nice to cement the election with an election here. I mean, that would just be a big, beautiful exclamation point."

Now, Trump has not only been publicly endorsing Mike Johnson, but he has been privately making calls on his behalf as well, trying to convince some of these skeptical Republicans that it's time to fall in line, including conversations with individuals like Texas Representative Chip Roy, someone who has been immensely critical of Johnson's leadership, saying, ultimately, quote, "Chip Roy will do what is right for this country." So, he believes very strongly that right now, only one Republican, Thomas Massie of Kentucky, will be the only vote against Mike Johnson. Now, we still will have to wait and see if that is actually the case. But, Johnson and Trump and some of their allies in Congress are expressing confidence in these final moments before the vote that Johnson ultimately has the support he needs to win the speakership.

ASHER: The thing about Donald Trump, though, is that he doesn't love losers.

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So, walk us through what happens if Mike Johnson loses the first ballot. Does Donald Trump, at that point, stay quiet, or does he really roll up his sleeves and try to convince the holdouts that they should actually be voting for Johnson on the second ballot?

CONTORNO: Yeah. I think that's a fair and astute point that he doesn't like losers, but he also is someone who understands that the things change and positions and our dynamic. And so, I -- we saw this happen just a couple weeks ago, where, for one day, he was firmly in favor of a debt limit ceiling votes being part of the vote to fund the government, and saying that if anyone votes to fund the government without increasing the debt limit, then he would potentially primary them. Well, ultimately, dozens of Republicans voted to do just that, and Trump ultimately stepped away from that challenge. So, it will be interesting to see what does happen. But, he is so out there for Mike Johnson right now, not only because

the two have been especially close since the election, but also because Donald Trump wants to be very active in his first 100 days, and he doesn't need a Speaker of the House who will be learning on the job. He wants someone who understands what it will take to muscle through his agenda and potentially pass a new spending plan through a reconciliation bill. Those are not easy tasks with someone who will be -- have training wheels. And so, Mike Johnson being elected Speaker is not only imperative to Donald Trump hitting the ground running, but actually being able to govern effectively in his first 100 days.

ASHER: And also, the last thing he -- Donald Trump also wants is for any kind of delay in the certification of his win, right, the presidential win that takes place on January 6. He doesn't want to delay in that at all. So, there is lots of reasons why Donald Trump is really trying to encourage Republican representatives to stand by Mike Johnson.

Steve Contorno at Mar-a-Lago in Florida for us. Thank you so much.

All right. Watch how this pivotal vote unfolds in the U.S. Congress today at 12:00 p.m. Eastern Time, and five o'clock, if you are watching from London.

All right. Still to come here, President Biden is expected to visit New Orleans this -- next week, rather, as questions swirl over the New Year's Day terror attack. Details ahead on the FBI's ongoing investigation. Plus, we are learning more about the decorated soldier behind the wheel during the Cybertruck explosion in Las Vegas. Details just ahead.

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ASHER: All right. The New Orleans City Council says it's going to investigate why Bourbon Street lacked permanent traffic barriers at the time of the terror attack a few hours after New Year's. Surveillance footage shows the attacker, Shamsud-Din Jabbar, driving over a temporary barricade. We want to warn you, these next images may be disturbing.

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(VIDEO PLAYING)

ASHER: CNN has obtained this exclusive video, which appears to show Jabbar loading the truck that he would use in the attack. The law enforcement official familiar with the investigation tells CNN that FBI agents and local police searched the attacker's home in Houston, and found chemicals typically used to construct explosives.

(BEGIN VIDEO CLIP)

CHRISTOPHER RAIA, DEPUTY ASSISTANT DIRECTOR, FBI COUNTERTERRORISM DIVISION: What I can tell you right now is that he was 100 percent inspired by ISIS. And so we're digging through more of the social media, more interviews, working with some of our other partners to ascertain just how -- to ascertain a little bit more about that connection.

(END VIDEO CLIP)

ASHER: President Joe Biden says he was briefed by the FBI that explosives were found in ice coolers in two other locations in the French Quarter, and that the attacker had a remote detonator in his truck. Mr. Biden is set to visit New Orleans on Monday to meet with the grieving families.

Joining us live now from New York is our Chief Law Enforcement and Intelligence Analyst John Miller. So, John, I'm going to get to security in just a moment. But, first, I want to pick up on something that Chris Raia just said there. I mean, we talked about it a little bit yesterday, but we just played a soundbite of it. He essentially said that this attack was 100 percent inspired by ISIS. It's interesting because ISIS, of course, has largely been defeated on the battlefield of Iraq and Syria, but their psychological impact is still palpable, right? The ideology needs to be defeated, and that's a very, very difficult thing to do. Where do you even begin?

JOHN MILLER, CNN CHIEF LAW ENFORCEMENT AND INTELLIGENCE ANALYST: Well, I mean, I think, as you assess it, the caliphate has been pushed out of the land that they grabbed during the time when they were largely in control of great swaths of Syria. But, the propaganda machine and ISIS's ability to conduct external operations has really been regenerated. We see the propaganda online. We see the chat groups. We see the communications. Even this attack in New Orleans is being heralded by ISIS supporters online, who are talking about what a good job the suspect did here, that he followed the ISIS instructions on how to do a ramming attack. What we haven't seen is the claim of responsibility by the head of ISIS, but that often comes a couple of weeks later.

ASHER: And just in terms of security, there was a 2019 report by a private security consulting firm, saying that the risk of terrorism in the New Orleans' French Quarter, specifically involving mass shootings and vehicular attacks, remained highly possible, while moderately probable, aka, perhaps the security could have been beefed up. Just explain to us what you think other cities across America can learn from this.

MILLER: Well, I think what you learn is ISIS, in particular, has really pushed the idea of doing the most simple terrorist attacks possible, and the ramming attack means you don't really need to know how to make a bomb or obtain heavy weapons to do an active shooter thing. You just need to know how to drive and how to step on the accelerator, and that was demonstrated to us again.

ASHER: All right. John Miller live for us there. Thank you so much. Appreciate it.

The FBI says there is no evidence so far linking the New Orleans attacker with the suspect in the Cybertruck explosion in Las Vegas. That driver has been identified as Matthew Livelsberger, an active duty U.S. Army Sergeant.

CNN's Natasha Chen has more from Las Vegas.

(BEGIN VIDEOTAPE)

NATASHA CHEN, CNN U.S. NATIONAL CORRESPONDENT (voice-over): Authorities say they believe the driver of the Tesla Cybertruck that exploded just outside the entrance doors of the Trump Hotel in Las Vegas was 37-year-old Matthew Livelsberger. His body was burned beyond recognition, and police are waiting for additional forensic analysis for final confirmation.

KEVIN MCMAHILL, SHERIFF, LAS VEGAS METROPOLITAN POLICE DEPT.: -- in how we're trying to identify him, and I'm feeling comfortable to give you this information. It's a tremendous amount of substantial evidence.

CHEN (voice-over): The motive for the bombing remains unknown, but police say Livelsberger died of a self-inflicted gunshot wound to the head just before the explosion. They found two guns, a military ID, a smartphone and a smart watch inside the Cybertruck. They've also identified two tattoos, they say, Livelsberger had.

MCMAHILL: -- one of which was on the stomach and one of which is on the arm. That we can see bits and pieces of it as in comparison to what it is that we now know he had on his body.

CHEN (voice-over): Livelsberger was an active duty member in the Army Special Forces operation, serving in Germany with previous tours in Afghanistan. He was awarded five Bronze Stars and held the rank of Master Sergeant, a senior enlistment, according to four U.S. officials. He was on approved leave when police say he rented the Tesla Cybertruck in Colorado, arriving in Las Vegas New Year's Day. He drove up and down Las Vegas Boulevard before passing the Trump hotel.

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Livelsberger then circled back and parked the Cybertruck in the entrance driveway just moments before the fiery blast, according to law enforcement officials. Video of the aftermath shows the bed of the Cybertruck loaded with fireworks, gas tanks and camping fuel.

KENNY COOPER, ASST. SPECIAL AGENT, ATF: The level of sophistication is not what we would expect from an individual with this type of military experience.

CHEN (voice-over): Police credit the Tesla vehicle's body construction forcing the blast upward and limiting the damage to the hotel driveway, even leaving the glass doors intact. Law enforcement officials say they have not connected the explosion at the Trump hotel to the deadly terror attack in New Orleans in the early morning hours on New Year's Day, but acknowledge the similarities. Like Livelsberger, the suspect Shamsud-Din Jabbar used a vehicle to carry out the attack, killing 14 people. Both have a military background. Jabbar was an Army veteran and served in Afghanistan. They even rented their trucks through the same company, Turo. MCMAHILL: -- if these turned out to be simply similarities, very

strange similarities to have. And so, we're not prepared to rule in or rule out anything at this point.

CHEN: It was a frightening moment for the seven people who were injured in the immediate vicinity, as well as hotel guests inside. We spoke to a couple of guests who were here at the time, staying between the 40th and 50th floors, who felt the windows rattle, and they said smoke was billowing in the stairwells and coming out of the elevator doors. Now, something investigators are now working on is trying to retrieve any possible footage from any cameras inside the Cybertruck before the explosion happened. Investigators said Elon Musk is sending staff to Las Vegas to help them with that.

Natasha Chen, CNN, Las Vegas, Nevada.

(END VIDEOTAPE)

ASHER: All right. Still to come, a dramatic standoff at the presidential compound in Seoul, authorities tried but failed to detain impeached President Yoon. We will tell you why. Plus, the days -- in the closing days of the Biden Administration, the U.S. President makes a move that could have implications for foreign investment in American companies. We will explain, just ahead.

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ASHER: All right. Welcome back. You're watching CNN Newsroom. I'm Zain Asher in New York. Here are some of the international stories we are following for you today.

The French and German foreign ministers met Syria's new leaders in Damascus today. It was the first high-level EU visit to Syria after the fall of Bashar al-Assad's regime. Jean-Noel Barrot and Annalena Baerbock called for an inclusive transfer of power during talks with de facto leader Ahmad al-Sharaa. The foreign ministers also visited an infamous prison that was notorious for arbitrary detentions, torture and murder. Barrot offered France's help in establishing a new justice system to hold the perpetrators accountable.

[11:30:00]

To Gaza now, where the health ministry is reporting the highest daily blood -- death toll in a week after Israel unleashed a barrage of strikes. Officials say at least 77 Palestinians have been killed and dozens injured in the past 24 hours after a series of Israeli attacks in central and northern Gaza. Israel says it was targeting terrorists. Separately, an Israeli human rights group has filed a petition with the Israeli High Court of Justice demanding to know the whereabouts of a Palestinian doctor detained by the Israeli military.

Boeing is detailing some of the improvements it has made over the past year, including what it's calling a cultural shift in safety and quality. The aerospace company also says it's investing in workforce training, simplifying manufacturing process and plans and eliminating defects too. Nearly a year ago, a door plug blew off in Alaska Airlines 737 Max 9 mid-flight. Multiple whistleblowers came forward, alleging questionable parts were used on the assembly line. Boeing has maintained all along that its planes are safe.

The U.S. Surgeon General is warning about the links between alcohol and cancer. Vivek Murthy says that alcohol use is a leading preventable cause of cancer in the United States. He says it contributes to nearly 100,000 cancer cases every year and about 20,000 cancer deaths. According to an advisory from the Surgeon General, just one alcoholic drink a day is enough to increase your risk of some cancers, such as breast, mouth and throat cancer.

South Korean authorities have suspended efforts to detain impeached President Yoon after a dramatic standoff at the presidential compound in Seoul. As Mr. Yoon's supporters rallied outside, investigators and police approached his home to try to take him into custody, but say that they were blocked by a human wall of around 200 soldiers and security officers. Yoon was stripped of presidential powers after briefly declaring martial law last month.

CNN's Mike Valerio is in Seoul with more.

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MIKE VALERIO, CNN CORRESPONDENT: So, the question now is this, what do prosecutors and investigators do to make sure that there is not a repeat of this again, or will they even try again to arrest South Korea's suspended President Yoon Suk Yeol? But, to give you an idea of the backdrop that we have right now, all the people, the hundreds of people who you see spanning a few blocks with all of their South Korean flags, those are supporters of South Korea's suspended President Yoon Suk Yeol.

And for his part, Yoon issued a clarion call as soon as this warrant for his arrest was issued on Tuesday, and he sent a letter to his supporters, paraphrasing here, saying, "Hey, I need you all to come out and make it much harder for law enforcement to detain, make it much harder for law enforcement to arrest me." And they answered that clarion call.

So, fast forward to earlier this morning. We have not only his supporters, but the equivalent of South Korea's Secret Service protecting the President and refusing to turn over suspended President Yoon Suk Yeol to investigators, investigators who want to hold him accountable for putting this country down the road of martial law, declaring martial law one month ago, on December 3rd, into the early morning hours of December 4th. So, this is dealing with criminal charges.

Meantime, we have new reporting that the suspended President Yoon Suk Yeol has his first date of his impeachment trial, the first trial session of the impeachment saga, which is set for January 14th. So, in sum, we're waiting to see the next move. What will prosecutors and investigators do? Will they try again to bring South Korea's suspended President Yoon Suk Yeol into custody?

Mike Valerio, CNN, Seoul. (END VIDEOTAPE)

ASHER: It's official now. U.S. President Joe Biden says he is blocking the takeover of U.S. Steel by Japan's Nippon Steel. The move had been expected and comes despite concerns among some of the President's advisors that stopping the sale could damage relations with Japan. Mr. Biden says a domestically owned and operated steel industry, in his words, represents an essential national security priority.

CNN's Arlette Saenz is standing by, live for us at the White House. So, Biden saying that this is an essential national security priority and that it is critical that U.S. Steel remains in American hands for resilient supply chains. Just walk us through what else he had to say.

ARLETTE SAENZ, CNN WHITE HOUSE CORRESPONDENT: Well, Zain, this move really comes as no surprise, as President Biden had long signaled that he opposed the acquisition of U.S. Steel by Japanese firm known as Nippon Steel, but today, he did make this official moving forward with blocking that merger, saying that he is doing so out of national security interest. It does raise a lot of questions about how this could potentially affect U.S. relations with one of the country's closest allies, Japan, but also what further future foreign investment in the United States might look like, and what the future of U.S. Steel itself will look like down the road.

[11:35:00]

Now, this comes on the heels of a months-long inter-government agency review that was conducted by the Committee on Foreign Investment in the United States. They were trying to determine whether this type of merger would pose a national security risk to the U.S. That group actually ended deadlock, not making a determination, but that paved the way for President Biden to block this sale.

And in his statement today, the President made clear he is doing so because he believes it is a national security risk. The President wrote, quote, "It is my solemn responsibility as President to ensure that, now and long into the future. America has a strong domestically owned and operated steel industry that can continue to power our national sources of strength at home and abroad, and it is a fulfillment of that responsibility to block foreign ownership of this vital American company."

Now, this potential merger between U.S. Steel and Nippon Steel really emerged as a political lightning rod in a very contentious election year. U.S. Steel is based in Pennsylvania, a key battleground state with many union workers that both Biden, Vice President Kamala Harris, and President-elect Donald Trump were trying to appeal to. But, what's interesting in this dynamic is that this is actually a policy area where President Biden and the incoming President, President-elect Donald Trump, are in agreement. Trump himself had said that he would block the deal if it was presented to him while in office.

Now, today, we are also, just moments ago, hearing from both Nippon Steel and U.S. Steel, which have expressed their frustration and their vow to pursue legal action in this matter. They wrote in a statement, quote, "We are dismayed by President Biden's decision. The President's statement and order do not present any credible evidence of a national security issue, making clear that this was a political decision. We are left with no choice but to take all appropriate action to protect our legal rights."

Now, any type of legal fight could very well take quite some time, putting this potentially in President-elect Trump's court, but President Biden using significant executive authority in one of his final acts as President to say he is going to go ahead and block this deal.

ASHER: And as you point out, though, this is actually one of the few things that Trump and Biden actually both agree on, this idea of maintaining U.S. control over key industries.

Arlette Saenz, we have to leave it there. Thank you so much.

All right. Still ahead, the stock market post-pandemic boom has been record-breaking. But, why are some financial experts worried? We have a live report for you ahead.

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ASHER: Now, a quick look at the markets today. The stock market has been going gangbusters since the pandemic. It's been in the green all day, up about 258 points or so.

[11:40:00]

Millions of Americans have watched their net worth climb, but some financial experts worry that what we're seeing is, in fact, an unsustainable bubble, and if and when it bursts, it could put the whole economy in jeopardy.

And let's bring in CNN's Matt Egan to put this in perspective for us. So, Matt, the New Year is only three-days-old, and I do not think I can take any more bad news. Take it away.

MATT EGAN, CNN REPORTER: Well, Zain, I certainly don't want to be a Debbie Downer. I think that, in reality, there are so many reasons to be optimistic about the 2025 economy. I mean, there is no recession in sight. Gas prices are in check. Paychecks are increasing faster than prices. All that is really good. But, of course, there are risks out there, and one of those risks is the fact that the market has gone up so much. I mean, the S&P 500 added $10 trillion in value last year alone. It was the first time that we've seen back-to-back years of 20 percent or more increases for the S&P 500 since the late 1990s under Bill Clinton.

And there are some growing concerns that perhaps some of this is starting to get out of hand, that some parts of the stock market have price tags that are untethered to reality. We heard from UBS recently, warning its clients that six of the seven preconditions to a bubble already exist, including the fact that it's been a quarter century since the last bubble, the fact that retail investors are participating, and that there is this this time is different mindset that has creeped in over technology. Now, UBS says that they don't think that we're in a bubble right now, but they do see a 35 percent chance that we're going to get there.

And Moody's economist, Mark Zandi, he told me that he hasn't been this concerned about markets being overvalued since the late 1990s just before the bursting of dotcom bubble. Now, Zandi doesn't expect anything like that kind of market crash, but he is worried about a severe market downturn, one that could really endanger the economy, right? I mean, he pointed out that consumer spending is the number one driver of this economy, and that if markets are down dramatically, a lot of people are going to both feel less wealthy and actually be less wealthy, and they could spend less.

So, Zain, at this point, this is just a risk, but it is one that we need to keep on our radar.

ASHER: So, Matt, just walk us through what could actually cause the stock market to drop.

EGAN: Well, Zain, there are so many different potential catalysts, and one of them is the Magnificent Seven, those seven stocks that have sent the market to all-time highs. Of course, one of them, or more than one of them, could ultimately stumble, and that could cause the whole group, and perhaps the whole market, to retreat.

We're also talking right now about the House of Representatives trying to elect a new Speaker of the House, and at some point, they're going to have to get the debt ceiling raised and diffuse that ticking time bomb. That's another risk that's out there. There is also obviously the incoming administration's policies around tariffs and deportations and whether or not that could be inflationary.

And lastly, we do need to keep an eye on what's happening in the bond market, because we are starting to see some signs that investors are getting more worried about enormous federal budget deficits. And again, the Trump administration wants to perhaps add to the deficit by doing more tax cuts. And so, if you saw a big negative reaction in the bond market, that is something that could ultimately hurt the stock market too.

I do think, at the end of the day, Zain, it's important to emphasize that it's almost impossible to time the market. And experts say that long-term investors, retail investors, they should try to look past any potential market drop, because in the long run, those market sell- offs, even a bear market, kind of looks like a blip, and investors should really be focusing on the long run and all of the strengths in the U.S. economy. Zain.

ASHER: All right. Matt Egan live for us there. Thank you so much.

EGAN: Thanks.

ASHER: All right. It was a somber moment before the Sugar Bowl. We'll show you how the college football game paid a tribute to victims of the New Orleans terror attack. And on Bourbon Street itself, a memorial to the victims continues to grow. After the break, we'll take a closer look at the lives they led and those they left behind.

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ASHER: A moment of silence was observed before Thursday's Sugar Bowl football game. It was to honor the victims of the New Orleans terror attack, just one day before. The game in which Notre Dame beat the University of Georgia had been postponed by a day after the New Year's attack. Those attending paused to pay their respect to the victims and give thanks for their own safety.

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UNIDENTIFIED MALE: There is about close to 100 of us that are down here, family of Riley. And so, it was a check-in. Everybody check in. Everybody OK? It was that kind of thing that happened at 07:30 on Wednesday morning. So, it's sad, sad, sad. That's really sad.

UNIDENTIFIED FEMALE: Me and my girls was actually on Bourbon Street walking until 10 o'clock that night, and so grateful that he didn't decide to do this nine o'clock earlier in the day. So, I'm really grateful and thankful, grieving for the other families and the people that was with it, but I'm so also grateful that my family back in Savannah, Georgia, didn't have to get that phone call.

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ASHER: Those people were among the thousands who came to New Orleans for the Sugar Bowl. The game itself went on after a 24-hour delay, with the tragedy still looming over it.

Our Andy Scholes takes a look.

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ANDY SCHOLES, CNN SPORTS CORRESPONDENT: Well, Zain, here in the U.S., College Football playoff game at Sugar Bowl was played on Thursday, a day after it was postponed due to the horrific terrorist attack in New Orleans that saw 14 people lose their lives and dozens more injured. Now, fans, we heard from Thursday, said they felt completely safe walking around New Orleans with the amount of law enforcement that was on the ground there, and they were happy the game was being played, because you can't let the terrorist win. Now, before the Sugar Bowl, an emotional moment of silence was held in the Super Dome to honor those who lost their lives and were affected by Wednesday's attack.

As for the game, Notre Dame had one of the greatest one minute of football in their school's history, tied at three, late in the first half. The Irish kicked the field goal to go up 6-3. They then got a strip sack and recovered the fumble, and quarterback Riley Leonard hit Beaux Collins for a 13-yard touchdown before half time. Notre Dame then got the second half kickoff, and Jayden Harrison would take it 98 yards for the touchdown. The Irish scoring 17 points in just 54 seconds of game time. Georgia would never recover from that one minute, as Notre Dame wins the Sugar Bowl 23-10.

Here was Fighting Irish head coach Marcus Freeman afterwards on how his team handled the past 24 hours.

MARCUS FREEMAN, NOTRE DAME HEAD COACH: We spent some time together, and I think that's what you do in tough moments. You want to spend time with family, and that's what we are. But, they found a way to get prepared for this opportunity to refocus. And again, it's unprecedented life. I told him this morning, there is things in life that they're unpredictable, and the ability to handle those unpredictable things determine the success.

SCHOLES: After an emotional couple of days, Notre Dame now leaves New Orleans and will head to Miami next week to take on Penn State in the semifinals. And Zain, the winner from that game will then play the winner between Texas and Ohio State for the national championship.

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ASHER: All right. Within the last day, we have been learning a bit more about the people who were killed on Bourbon Street. We don't have all their names, but I do want to tell you a little bit about the ones that we do know of.

That was 18-year-old Nikyra Cheyenne Dedeaux, who was from Mississippi, and recent college graduate Drew Dauphin. Reggie Hunter, a father of two, was also among those lost, as well as Tiger Bech, a former football player at Princeton University.

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Matthew Tenedorio's cousin Zach remembers him as just a joyful person, telling the local paper, we'd walk into my grandma's house and he'd just start giggling. After a family dinner on New Year's Eve, Tenedorio's parents asked their son to text them when he arrived home from celebrating. They say that text never came. A candle-lit memorial for the victims has been erected on Bourbon Street. A large cross and flowers have been placed at the site as well.

And before we go --

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ASHER: -- ahead of the area's reopening on Thursday, musicians and religious leaders marched down Bourbon Street in a big, easy effort to bring back little joy after Wednesday's devastating attack brought the city to a standstill.

All right. Thank you so much for spending part of your day with me. I'm Zain Asher in New York. Stay with CNN. Our special coverage of the U.S. House Speaker vote is up next. You're watching CNN.

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