At the top of Kevin McCarthy’s to-do list as he begins his role as House Speaker is adopting a new rules package for the chamber when it convenes Monday evening.
McCarthy, who was elected speaker after a historic 15 ballots, made a series of concessions to conservative Republicans in order to secure the votes he needed to win the position. Those deals will be center stage as the House votes on whether to pass the new rules package.
Among the biggest concessions, McCarthy agreed to allow a single lawmaker to call a vote to oust the speaker; a condition on which he initially said he would not budge. The California Republican also agreed to holding a vote on congressional term limits, putting more House Freedom Caucus members on the powerful House Rules Committee, and to mandate 72 hours for bills to be reviewed before votes, among others.
Even more concessions could be revealed during the evening vote. At least two Republicans have already said they are skeptical of the new rules package, which could make things challenging for McCarthy since he can only afford to lose four votes on legislation and still overcome Democratic opposition.
The House is set to convene at 5 p.m. ET.
The White House budget office says mass firings of federal workers have started in an attempt to exert more pressure on Democratic lawmakers as the government shutdown continues.
President Donald Trump says “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths needed for American industry. The Republican president suggested Friday he was looking at a “massive increase” of import taxes on Chinese products in response to Xi’s moves. Trump says one of the policies the U.S. is calculating is "a massive increase of Tariffs on Chinese products coming into the United States." A monthslong calm on Wall Street was shattered, with U.S. stocks falling on the news. The Chinese Embassy in Washington hasn't responded to an Associated Press request for comment.
Most members of the Federal Reserve’s interest-rate setting committee supported further reductions to its key interest rate this year, minutes from last month’s meeting showed.
From Wall Street trading floors to the Federal Reserve to economists sipping coffee in their home offices, the first Friday morning of the month typically brings a quiet hush around 8:30 a.m. eastern, as everyone awaits the Labor Department’s monthly jobs report.
The Supreme Court is allowing Lisa Cook to remain as a Federal Reserve governor for now.
Rep. John Moolenaar has requested an urgent briefing from the White House after Trump supported a deal giving Americans a majority stake in TikTok.
