The House of Representatives voted along party lines last week to formally begin the impeachment process of President Donald Trump.

Investors should note the following crucial aspects. First every Republican voted against the resolution, demonstrating the iron grip that the President maintains on the Republican Party.

Second, all but two Democrats supported the impeachment resolution, making the procedure look starkly partisan. This could come back to bite the Democrats. As the President stated in his 2016 campaign, he could shoot someone on Fifth Avenue and his base would stay with him. A "perfect" phone call is much less damaging politically than a shootout on Fifth Avenue.

While the vote shows that the Democrats are committed to the process, and the high likelihood of a vote to impeach by yearend, the unanimous Republican caucus shows the near impossibility of Senate Democrats gaining the 20 Republican votes they would need to convict. A Senate conviction would require two-thirds majority (67) in a chamber where Republicans are the clear majority, with 53 seats.

Federal Government Budget

Despite the Nationals victory in the World Series, attention in Washington, D.C. is on the House impeachment action, but this focus could cause a challenge later in the month a...

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