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Free AccessMcCarthy Wins Over Rebels Following Reports Of Defence Spending Deal
The 12th vote to determine the next Speaker of the House of Representatives is underway.
- Rep Dan Bishops (R-GA) become and Rep Josh Brecheen become the first two of the 20 rebel voters to switch their vote to McCarthy.
- Bloomberg reported shortly before the vote that Republican leader Kevin McCarthy (R-CA) cut a deal with Republican rebels that would lead to a USD$75 billion in defence spending.
- So far, four rebels have switched their votes and it is unclear if the defence deal will prise away enough rebels votes to end the blockade.
- Such a deal is unlikely to sit well with the majority of the Republican caucus who have consistently voted to increase defence spending at a greater rate than Democrats.
- McCarthy said shortly before entering the chamber: “I think watch here — you’ll see some people who have been voting against me voting for me.”
- Additional ballots are to be expected today as McCarthy hopes to whittle down the conservative opposition and hope the pressure forces the group to capitulate.
To read the full story
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Please enter your details below.
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.