Once elected, the new speaker will quickly turn to a bill to avoid a government shutdown, as well as potential aid packages for Israel and Ukraine.
As of Wednesday morning, it looked most likely that the House of Representatives would elect Rep. Mike Johnson as Speaker of the House. But whether Johnson gets the gavel or the drama drags on, Congress is running out of time to address critical needs, such as Israel aid and funding to avoid a government shutdown.
“Any new speaker is likely to be a ‘SINO,’ speaker in name only, limited to a minimalist approach to governance, perhaps all the way through the 2024 elections,” wrote analysts for Beacon Policy Advisors in a research note on Wednesday.Some policy analysts are already predicting that the House won’t be able to reach a deal before a shutdown sets in.
Marijuana companies, for example, had an outside hope for a bill that would provide a safe-harbor to give basic banking services to state-legal businesses hurt by the federal ban. The stocks of such companies rose during the year as the bill advanced—and after the Biden Administration proposed easing marijuana’s classification among illegal drugs—but have faded in the past two months. The AdvisorShares Pure US Cannabis exchange-traded fund is now down about 5% for the year.
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