What to know now:
1. Interest rate hike: Expect an increase in interest rates to be announced Wednesday. It's been nine years since the Federal Reserve hiked the rates on the cost it charges banks to borrow money. That rate has been near zero for seven years.
2. GOP debate: The fifth Republican debate got a bit testy Tuesday, with Jeb Bush telling Donald Trump, "You can't insult your way to the presidency," and Sen. Ted Cruz saying he'd build a wall around the country and get Trump to pay for it. The CNN-sponsored debate had Trump complaining about the questions, and Lindsey Graham pinning for the days of a George W. Bush presidency.
3. School system shut down: Students in Los Angeles will be back in school Wednesday, a day after authorities closed some 1,000 schools in the district after receiving an emailed threat that terrorists were going to attack with bombs and rifles. The threat, which turned out to be a hoax, came just two weeks after the attack in San Bernardino that left 14 dead. According to one report, the school district did not consult with the FBI before deciding to close the schools.
4. Spending bill: Republicans and Democrats have come together on a $1.1 trillion dollar spending bill that will avert a government shutdown, and pay for the government through the end of next October. House Speaker Paul Ryan, (R-Wisc.), announced the deal Tuesday night. You can click here to read the bill.
5. Jessica Chambers: Seventeen men have been arrested as a result of the investigation into the death of Jessica Chambers, a Mississippi 19-year-old who was doused with gasoline and set on fire in December 2014. No one has been charged in her death. Those arrested were taken into custody when law enforcement uncovered evidence of other suspected illegal activity as they investigate the death of the young woman who was found along the side of a Mississippi road.
And one more
An arrest warrant has been issued for the Texas teenager who initially received probation after killing four people while driving drunk in 2013. Ethan Couch failed to contact his probation officer, violating the terms of his probation, and triggering the warrant. The defense in Couch's trial claimed the then 16-year-old suffered from "affluenza," meaning he lacked a sense of responsibility because his wealthy parents had never set limits for him. Prosecutors had asked for a 20-year prison term for the teenager. He was sentenced to 10 years probation.
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