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McCarthy Fails To Secure Speaker's Gavel In First Round Of Voting
House Minority Leader Kevin McCarthy (R-CA) has failed to win the first round of voting to become the next Speaker of the House of Representatives.
- Edited with corrections to dissenting Republican votes
- McCarthy could only stand to drop four GOP votes to achieve the 218 votes required and the vote saw 19 GOP defections.
- The anti-McCarthy vote: 10 votes for Biggs; 6 for Jordan; 1 for Banks; 1 for Donalds; 1 for Zeldin. McCarthy needs to flip 15 of the 19 to get the gavel - the votes for Biggs likely the most entrenched.
- Voting will now go to additional ballots for the first time since 1923. McCarthy has pledged to fight for the Speaker's gavel but it is clear that opposition is firmer than previously assumed with more defections than expected.
- Democrats have uniformly voted for Democrat Leader Hakeem Jeffries (D-NY).
- McCarthy may now choose to recess the House or repeat the vote until one candidate achieves a majority. It is difficult to see an easy route for McCarthy with so many defections. A extended session of voting may now be ahead of the House if neither side acquiesces.
- The next round of voting may be key. If McCarthy fails to shrink the vote deficit there may be negotiations amongst moderate Republicans to nominate a unity candidate, likely Scalise.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.