McCarthy Loses Speakership – MarketWatch

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California Republican Rep. Kevin McCarthy became the first House Speaker to lose his job in U.S. history after a GOP rebellion in the chamber.

Members voted 216 to 210, with some not voting. Eight Republicans joined with all the Democrats in voting to remove McCarthy through a procedure called a motion to vacate. Rep. Patrick McHenry (R., N.C.) was designated to preside over the chamber until a new Speaker is chosen.

The dramatic outcome throws the House into chaos just days after lawmakers pushed through a last-minute bill to extend government funding into November, buying time for them to battle it out over spending priorities. But getting to an agreement on longer term funding to keep the government going is now complicated by the lack of a House leader.

The next Speaker could face the same turmoil caused by a small group of hard-liner Republicans who continuously blocked their own party’s legislation, forcing McCarthy to find agreement among Democrats.

Moody’s Investors Service recently warned that Washington’s politically polarized atmosphere could be a “negative” for its rating on U.S. debt because it constrains policy-making while fiscal deficits are widening and debt affordability is deteriorating.

During Tuesday’s debate before the vote, Rep. Bruce Westerman (R., Ark.) reminded members that nothing like this had been attempted since 1910. Back then, Speaker Joseph Cannon (R., Ill.) defeated the attempt.

McCarthy won the Speaker’s gavel in January but only with the 15th ballot. His decision last weekend to propose the bill to that averted a government shutdown, which garnered Democratic support, sparked an effort to oust him by Rep. Matt Gaetz (R., Fla.). That led to Tuesday’s vote.

Write to Liz Moyer at [email protected]

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