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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.
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MNI: Canada Apr-Sept Budget Deficit Widens On Spending
McCarthy Struggles For Support As House Prepares To Vote For Next Speaker
The 118th Congress begins today with a vote to determine the next Speaker of the House.
- Voting is expected to commence at 12:00 ET 17:00 GMT.
- GOP nominee Kevin McCarthy (R-CA) requires 218 votes to take the Speaker’s gavel. If the entire House conference attends, McCarthy can only drop four GOP votes - a precarious calculus as five conservative GOP lawmakers maintain persistence opposition to McCarthy. He will need one of their votes or hope for Democrat absentees.
- If McCarthy fails to win in the first round of voting he may force multiple votes, a process which hasn’t happened since 1923. If McCarthy fails to reduce the deficit in a second round of voting, support for McCarthy may erode, with Steve Scalise (R-LA) tipped as unity candidate.
- On Sunday, McCarthy released a package of rules changes designed to placate conservatives including reinstating the "motion to vacate" and setting up conservative Republicans for top committee jobs.
- McCarthy is favoured to win today but the concessions given to a fringe of GOP may degrade his authority amongst moderates and impede GOP ambitions already likely to be hampered by a razor thin majority.
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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.