House Republicans are charging toward a US government shutdown in less than 10 days as party lawmakers struggle to agree on how much to cut spending and how to explain their brinkmanship to the public.
The GOP’s bitter divisions have made them unable to even formulate a concrete set of demands. That foreshadows an extended standoff with the White House and the Democratic-controlled Senate as the US economy absorbs shocks from the shutdown, autoworkers strike and rising gasoline prices.
In a preview of how this might play out in next year’s elections, President Joe Biden seized on the decision to forego weekend votes. “Hell no, they aren’t going to become law,” Representative Steve Womack of Arkansas, a McCarthy ally, said of those bills. He added, however, that they might give House Republicans a stronger opportunity to have friendlier conversations on resolving differences.But the divergent agendas pressed by the GOP’s quarreling camps and McCarthy’s precarious position within his own ranks could make an eventual deal with Democrats harder to accomplish than in previous standoffs.
Unlike the unprecedented US default and potential tumult in global financial markets threatened during Washington’s debt-limit confrontation earlier this year, the economic consequences of a shutdown largely depend on how long it lasts. Treasury yields have typically fallen in previous shutdowns as risk-averse traders migrate to the safety of US bonds. But JPMorgan Chase & Co. warned clients this fiscal showdown may have the opposite effect, given the Fed’s hawkish policy resolve.
The turmoil in Washington was vividly displayed Thursday as two dissident conservatives, Representatives Marjorie Taylor Greene of Georgia and Eli Crane of Arizona, voted against bringing up a military spending bill, typically popular with GOP members. McCarthy was left fulminating over what he said was a reversal of stances the two had communicated to party leaders.
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