The World Is Watching the House Speaker Vote. Markets, Beware.

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How Washington acts—or doesn’t—will send a major signal about the government’s ability to act in the face of crisis, Barron's ideas editor writes.

House Republicans are gathering behind closed doors today to try to break the impasse that has kept Congress paralyzed for a week.

A failure to elect a new speaker would leave Congress under the limited control of Rep. Patrick McHenry, the acting speaker pro tempore. His powers to call votes on legislation are untested and are the subject of intense debate among congressional experts. Should no replacement be elected, that test may come as soon as Nov. 17, when the government will shut down again without further action. The U.S.

Congress faces questions over whether it can pass new aid to Ukraine and Israel. For some Republicans, these issues are connected and straightforward. “As we have seen in Ukraine, failure to act decisively can prolong the conflict and compound the costs of war,” Senate Minority Leader Mitch McConnell wrote on Monday. But that view isn’t universally shared among Republicans. Jordan has been outspoken in his support for Israel, but opposes aid to Ukraine.

But what happens in Congress will send an important signal about whether the U.S. can act in the face of emergencies. There are overall majorities in Congress in favor of keeping government open and sending aid to Israel and Ukraine.

 

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