Stock Markets, Federal Agencies to Close Wednesday for Day of Mourning
*By Chloe Aiello*
Stock markets and the federal government will close on Wednesday as the U.S. marks a national day of mourning for George H.W. Bush, the 41st president.
Bush died at his home in Houston Friday night. He was 94.
President Trump has also ordered that flags on public grounds fly at half-staff for 30 days as a show of respect for the late president, who will lie in state in the U.S. Capitol before a Wednesday funeral service at Washington National Cathedral. Later, Bush will be memorialized in Houston and buried at his presidential library in College Station, Texas.
Trump's relationship with the Bush family has been marked by animosity since his bitter campaign against Jeb Bush for the 2016 Republican presidential nomination. As president, Trump has mocked the elder Bush for his famous "thousand points of light" philosophy that called for a national campaign of volunteerism.
Despite his strained relationship with the Bush family, the White House said Trump will attend the state funeral with his wife, Melania. Trump also celebrated Bush's legacy in statements after his death.
"President George H.W. Bush led a long, successful and beautiful life. Whenever I was with him I saw his absolute joy for life and true pride in his family. His accomplishments were great from beginning to end. He was a truly wonderful man and will be missed by all," [he wrote on Twitter.](https://twitter.com/realDonaldTrump/status/1068826073775964160)
Bush's influence on American politics far transcended his one term as president. The patriarch of a political dynasty, he fathered another president, his son George W. Bush, and a two-term governor and presidential candidate, Jeb Bush. His foreign policy legacy included presiding over the over the end of the 40-year Cold War and navigating the delicate political climate that followed, including the collapse of the Soviet Union. He also united a coalition of more than 30 countries to end the invasion of Kuwait by Saddam Hussein's Iraq during the first Gulf War. His decision not to remove Hussein from power laid the groundwork for the 2003 invasion of Iraq by George W. Bush.
George H.W. Bush's long career in public life began with his decorated service as a Navy pilot in WWII. That was followed by more than four decades in government, including as a congressman from Texas, ambassador to the United Nations, U.S. envoy to China, director of the C.I.A., and vice president to Ronald Reagan.
George W. Bush issued a statement late Friday confirming his father's death, just eight months after the death of his wife of more than 70 years, Barbara Bush.
"Jeb, Neil, Marvin, Doro, and I are saddened to announce that after 94 remarkable years, our dear Dad has died. George H.W. Bush was a man of the highest character and the best dad a son or daughter could ask for. The entire Bush family is deeply grateful for 41's life and love, for the compassion of those who have cared and prayed for Dad, and for the condolences of our friends and fellow citizens," the 43rd president wrote.
In recent years, Bush suffered from numerous health problems, including Parkinson's disease that kept him wheelchair bound and a bout of severe pneumonia in 2013. Following his wife's April funeral, Bush was hospitalized with a severe blood infection. Still, the former president remained active late into his life ー famously celebrating his 90th birthday in 2014 with a tandem skydive.
The U.S. is back in negotiations for a nuclear deal with Iran, years after former President Donald Trump withdrew the country from the Joint Comprehensive Plan of Action (JCPOA), which had been meant to curtail the Middle Eastern nation's nuclear ambitions. Former State Department senior advisor to the George W. Bush and Trump administrations, Christian Whiton, joined Cheddar News Wrap to discuss. “It appears to be very similar to the original JCPOA, which does put some constraints on Iran's nuclear program, but also has sunset provisions, including some that in the original plan were expected to take effect in 2025," he said. "And so, if we just reenter that plan, really it just buys perhaps a few years of slowing down, stopping, whatever you want to say, Iran's nuclear program."
The U.S. has announced the first of what could be multiple levels of sanctions against Russia after Moscow recognized two regions of Ukraine as independent. This comes as Britain imposes sanctions on five Russian banks and two oligarchs, and Germany freezes the Nord Stream gas pipeline. Terrell Star, a foreign affairs reporter at The Atlantic Council, joins from Kyiv to discuss.
Growing tensions in Ukraine might soon be impacting consumers in the United States. With Russia on an invasion footing in the region, gas prices are predicted to go up 10 to 15 cents a gallon in the next coming weeks, according to Robert Sinclair, spokesperson for AAA. Sinclair joined Cheddar to break down what could happen even further. "We've been seeing prices go up, and there's been nothing that's happened to affect supplies," he said. "But it's something known as the fear tax where just the talk of something that might interfere with supplies leads to prices going up speculatively."
The end of 3G is upon us. On Tuesday, AT&T became the first major provider to disable its 3G services, and T-Mobile and Verizon plan to follow suit later this year. The shutdowns are expected to impact millions of vehicles that use 3G networks for updates, remote connection, and certain emergency and convenience features. Lance Ulanoff, the U.S. Editor-in-Chief of TechRadar, joined Cheddar's Closing Bell to discuss the ramifications of the changeover.
A new report shows nearly 240 former officials in Congress, the White House, and regulatory agencies have changed careers to work in the crypto industry.
President Biden unveiled new economic sanctions on Russia for what he called "the beginning of a Russian invasion". This came one day after Putin sent troops into two breakaway regions of eastern Ukraine. Alex Ward, national security reporter for POLITICO, explains what these sanctions might do to the global economy.
U.S. stocks ended today's session sharply lower on the heels of rising geopolitical tensions between Russia and Ukraine. Melissa Brown, Managing Director of Applied Research at Qontigo, joins Cheddar News' Closing Bell to discuss.
President Joe Biden said Tuesday that the U.S. will begin to impose sanctions on Russia, calling recent troop movement into Ukraine an 'invasion.' Biden and other government officials including from the State Department have begun to classify the Russian troop movement as an invasion after Russian President Vladimir Putin ordered troops to two independent Ukrainian areas in an alleged "peacekeeping" mission — which the West considers an act of aggression. Biden said Russia will continue to pay 'an even steeper price' if it continues sending troops into Ukraine. What happens next? Will Putin find a way around these sanctions? Ariel Cohen, senior fellow at the Atlantic Council, joins Closing Bell to discuss Biden's remarks, how the West will protect Ukraine since it doesn't belong to NATO, and more.
