Get caught up on your Need2Know stories for Monday, August 1, 2022.

Wake Up With Cheddar

Need2Know: Deadly Kentucky Floods, Western Wildfires, Rising Rent Prices

let's start with what's happening in the midwest as rescuers are hopeful to find more survivors from that catastrophic flooding we're seeing in Kentucky, but the death toll did climb this weekend so far. The governor's office confirming 28 victims there and a mayor in the flood zone says that that number could be the tip of the iceberg. That is more rain is expected in the area. Now, President biden has declared the floods an official disaster efforts now focused on rescue recovery and rebuilding those impacted communities and major wildfires in calif and Montana exploded over the weekend. On sunday in northern California near Oregon, the Mckinney fire was burning out of control. It spread to 80 square miles in just two days, dozens of hikers had to be rescued California. Governor Gavin Newsom declared a state of emergency Over the weekend, hundreds of homes were threatened by the major wildfires in the state. Meanwhile, in western Montana, the wind driven Elmo fire first evacuations from homes and livestock. The National Interagency Fire Center estimates it could take nearly a month to contain the blaze. While President Biden tested positive once again for covid 19 on saturday, his doctor said it's likely a rebound that happens to a small percentage of patients who take the antiviral drug plaques. Love it. Now he's showing no symptoms and he is isolating the president first tested positive back on july the 21st and the world of politics, waking up this morning and it's waking up to the first day of a week that's all about Senate democrats, climate and health care bill are making prats live at the White House with more on this big story that's unfolding in our nation's capital. Good morning Megan. Good morning baker. Good morning Alicia. After a whirlwind end of last week on capitol hill, Senator joe Manchin took to the sunday shows where else to defend the deal? He and Senate Majority leader chuck schumer reached on the inflation reduction act of 2022. We got the bill down to where there's nothing inflammatory in this bill, even though there's some naysayers, I'm sure you would always hear that, but there is nothing in that we're paying down debt. I think it's a great piece of legislation and on normal times my republican colleagues would be for something such as this. So what's in this great piece of legislation? Well, the bill includes measures aimed at shrinking the deficit and raising more than $700 billion in new revenue, like a new 15% corporate minimum tax and allowing Medicare to negotiate the prices of some prescription drugs. It also makes an over $300 billion investment in energy security and fighting climate change. It's a far cry from the original build back better bill last year, but it's still a massive bill that could save billions in taxes if every other member of the Democratic caucus gets on board. This bill could pass the Senate potentially this week and become law before the end of the month, giving democrats a huge boost before november. So Megan, what are, who is ultimately holding up this bill? The biggest question mark right now is Arizona senator Kirsten cinema last year. During the talks over build back better. She opposed some of the taxes we now see in this bill. She hasn't said yet whether she'll support this particular piece of legislation and she's the only one who could stop it. At this point we'll be watching this week just how much she wants to play spoiler to her fellow democrats. We should know, she only votes with her party about 70% of the time. So she could be a big spoiler here. Megan prats live from the White House. Megan thank you. Turning now to some of the other business stories we're following for you this hour Boeing has gotten the go ahead from the F. A. A. That's resume deliveries of its 7 87 Dreamliner. The planes were grounded for more than a year that over quality concerns and the Dreamliner commonly used for long international flights. Airlines like it because it's more fuel efficient than older widebody planes earlier this year. American airlines said that the delivery freeze had forced them to cut several international routes that they had planned to apply the Summer. Meanwhile, beginning today, the clock starts ticking on Russian gas, European Union member states have committed to reducing natural gas usage by 15% from now until next March. The plan called save gas for a safe winter, is intended to reduce reliance on Russian fuel that in case of a total shut off, but could have the added benefit of moving the block further along toward the goal of reducing their carbon footprint. Finally, where's the most expensive city in the country to read? Well, it's not new york or san Francisco, the number one city, Jersey city, New Jersey. As of june, they have the average rent of $5500 a month. That's according to the listing portal site rent, A big factor is the supply of new luxury apartments that are luring new Yorkers across the Hudson with more space and amenities than they could afford near their offices. 5500 of these beautiful, insane too. So to think about.