House Chaos Stalls Action on Urgent Matters

Rep. Jim Jordan (R-Ohio) lost a third vote on Friday in his bid to become House Speaker. With support in his party once again shrinking, the House GOP held a secret ballot that resulted in Jordan being dropped as the Republicans' designated Speaker candidate.

There had been discussion about designating Speaker Pro tempore Patrick McHenry (R-North Carolina) as acting Speaker, but a group of Republicans opposed this proposal.

The plan is to go home for the weekend and start anew on Monday with a candidate's forum.

In the meantime, this gridlock prevents the House from working on spending bills as the November 17 shutdown date approaches. It also keeps the House from acting on the urgent supplemental President Biden sent to the Hill today. The supplemental includes money for Ukraine, Israel, and Taiwan, and for strengthening security at the Southern border.

New York stylized skyline
Get instant access to this report
Complimentary Research to all of our visitors! Subscribe to receive three types of reports. Receive FSI Academy, Community Questions and Signal from Noise to you inbox every month.

Please enter your name.

Get Access Now

What is FS Insight?

FS Insight is a market-leading, independent research boutique. We are experts in U.S. macro market strategy research and have leveraged those fundamental market insights to become leading pioneers of digital assets and blockchain research.

View of Tom Lee icon

Tom Lee's View

Proprietary roadmap and tools to navigate and outperform the equity market.

Macro and Technical Strategy icon

Macro and Technical Strategy

Our approach helps investors identify inflection points and changes in equity leadership.

Deep Research icon

Deep Research

Our pioneering research provides an understanding of fundamental valuations and risks, and critical benchmarking tools.

Videos icon

Videos

Our macro and crypto videos give subscribers a quick and easy-to-understand audiovisual updates on our latest research and views.

US Policy Analysis icon

US Policy Analysis

Our 40-year D.C. veteran strategist cuts through the rhetoric to give investors the insight they need.

Signal from Noise icon

Signal from Noise

A gimlet-eyed look at financial markets, with timely investment ideas in concise and engaging prose.

Disclosures (show)