Kevin McCarthy’s Hollow Victory Will Have Economic and Political Consequences

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Kevin McCarthy’s Hollow Victory Will Have Economic and Political Consequences
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The enduring fealty of many House Republicans to Donald Trump is likely to become clear in the aftermath of Kevin McCarthy’s election to Speaker of the House.

Early Saturday morning, amid scenes redolent of the nineteenth century, when brawls occasionally broke out on the floor of the House of Representatives, Kevin McCarthy was elected Speaker of the 118th Congress.

Be careful what you wish for. Perhaps the most revealing image of the ugly night came shortly after the final ballot had been completed. As McCarthy sat waiting for the official tally, Marjorie Taylor Greene, the far-right election denier and conspiracy theorist who represents Georgia’s Fourteenth District, crouched down beside him to take a cheek-to-cheek picture with the soon-to-be Speaker.

This prospect is already raising alarms on Wall Street, where attention is focussing on the need to raise the debt ceiling and prevent a U.S. government default—an imperative that will probably become pressing by the summer. Earlier this week, Representative Ralph Norman, of South Carolina, who is a member of the Freedom Caucus, called on McCarthy to “shut down the government rather than raise the debt ceiling,” adding that this demand was “a non-negotiable item.

A repeat of the 2011 debt-ceiling crisis, in which the G.O.P.-led House of Representatives defied President Barack Obama, now seems likely, and it could be a lengthy one. Ultimately, perhaps, even the members of the Freedom Caucus won’t want to be held responsible for a financial crash that tanks their voters’ 401 plans and endangers the mighty dollar, especially at the start of another Presidential-election campaign.

More immediately, McCarthy’s hollow victory opens the way for months more of G.O.P. performance art, which will likely encompass passing legislation that has no chance of being enacted by the Democratic-controlled Senate and holding innumerable conspiracy-theory-stoking hearings into the

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