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home / articles / XLP - Congress In Chaos: House Is Set For Speaker Vote Tuesday But GOP Candidate Jim Jordan Has A Long Way To Go | Benzinga


XLP - Congress In Chaos: House Is Set For Speaker Vote Tuesday But GOP Candidate Jim Jordan Has A Long Way To Go | Benzinga

The House of Representatives is counting its 13th day without a leader after the ouster of U.S. Rep. Kevin McCarthy from the speakership position.

McCarthy was removed from his role Oct. 3 in a vote in which the Democrats, together with eight hard-right Republicans, decided to remove a House speaker for the first time in U.S. history.

In the meantime, the House is frozen, unable to act. The situation has caused several urgent bills to become untouched, including a proposal by President Joe Biden to send aid to Israel to assist in its conflict with Hamas, as well as a new measure needed to avoid a looming government shutdown, which is approaching in one month.

Government Shutdown Stopgap Expires In 1 Month: The vote earlier this month left the Speaker chair vacant and the House in mayhem. The historic event proved a testament to the growing difficulties gnawing away at the GOP, whose increasingly bitter internal disputes are grinding Washington, D.C. to a halt.

It remains to be seen which political figure will have the power to unite the GOP-led House and harness the necessary votes to win the speakership.

McCarthy's run as speaker was short-lived and tumultuous. Throughout his tenure, McCarthy negotiated a high-stakes bill to raise the debt ceiling, avoiding a default. Just last month, Congress approved a stopgap bill aimed at preventing a full government shutdown.

Yet the continuous resolution that allowed the government to continue to operate only lasts until Nov. 17, one ...

Full story available on Benzinga.com

Stock Information

Company Name: SPDR Select Sector Fund - Consumer Staples
Stock Symbol: XLP
Market: NYSE

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