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Speaker in the House

With the election of Speaker Kevin McCarthy (R-CA) the 118th House of Representatives can now begin its work.

Rep. Kevin McCarthy (R-CA) delivering victory speech immediately following his election as Speaker of the U.S. House of Representatives on January 6, 2023. Source: CSPAN

Late in the evening of Friday, January 6, the House elected Rep. Kevin McCarthy (R-CA) as its Speaker— ending a week-long stalemate between factions of the Republican party. Members of the House Freedom Caucus were able to secure several concessions in the “Rules Package,” which will direct the conduct of proceedings for the 118th Congress. The new Rules Package expands the power of individual members of Congress, allows for an immediate snap vote on the speakership from a single motion of a member of the majority party, and includes new powers around objecting to amendments and bills based on their germaneness and breadth of subjects covered. 

What Does it Mean

The bumpy start to the 118th Congress may foreshadow tumultuous fights over other “must-do” items, including FY2024 appropriations and raising the federal debt limit. On the flip side, the new Rules Package could embolden moderates to reach across party lines to find compromises and move legislation along. 

More on the Debt Limit

While it is difficult to precisely pinpoint x-date, the day on which the U.S. would fully exhaust its authorized borrowing capacity, most economists believe it will be in the summer. This afternoon, the Treasury Secretary Janet Yellen announced certain extraordinary measures would begin January 19, 2023, however, the suspension of new sale of state and local government series (SLGS) securities was not included in the announcement. NABL will continue to update members on the developing situation. 

[Member-Exclusive] Advocacy Town Hall

Join the Governmental Affairs Committee (GAC) on Wednesday February 15, 2023 from 4:00pm – 5:00pm ET / 1:00pm – 2:00pm PT for an Advocacy Town Hall on the 118th Congress. We will recap the latest happenings from the start of the new Congress, prognosticate on what may be in store for the future, and discuss how NABL will continue to advocate for sensible public finance policy in this new environment.  Zoom login information will be shared with registrants the morning of the session. This discussion is not eligible for CLE. Register today >