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Tidbits, House of Reps, Wheat Inventories, Markets & Rain Days Update 10/4/23

Highlights


The Speaker of the House of Representatives, Kevin McCarthy, lost his job yesterday afternoon by a vote of 216 to oust to 210 supported him. Eight Republicans and all the Democrats voted to remove McCarthy. He said he will not run again for the job.

Steve Scalise is the #2 Republican in the House and he had previously said he would seek the job when McCarthy retired, but he has not said if he is ready to step into the job now. Some Republicans are supporting FL Congressman Byron Donalds, who endorsed Trump for President back in April. The Speaker of the House is not required to be a member of Congress. That means you or even Donald Trump could be elected Speaker of the House.

For us taxpayers, the question is what will happen on November 15th when the budget extension expires? McCarthy did exclude funding for Ukraine’s war in the deal passed on Saturday to get enough Republican votes to pass the extension. If the new Speaker is a hard-core conservative, the whining and screaming will spread around the world. The USA provides the liquid cash for the UN, NATO, WTO, thousands of lesser organizations, and financial aid to 198 nations, many of whom hate the USA.

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