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House Speaker Faces Possible Ouster

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House Speaker Faces Possible Ouster

Author: Greg Valliere

April 17, 2024

YOU CAN’T MAKE THIS STUFF UP: Only a half dozen Republican House members — perhaps less — may be enough to oust Mike Johnson as Speaker in the next few days. Johnson is moving legislation to aid Ukraine, Israel and others that is adamantly opposed by radicals who want to oust him if he seeks votes from Democrats.

THE PROSPECT OF FRESH CHAOS in the House grew yesterday when Rep. Marjorie Taylor Greene declared that she has the two votes needed to oust Johnson — a legacy from a deal last year to keep the House running. The exodus of nearly two dozen GOP House members this year has provided Greene with just enough votes to call for the ouster of any Speaker she disagrees with.

THE VAST MAJORITY OF HOUSE REPUBLICANS are aghast and worried that the dysfunction will cost them control of the House this fall. They like and trust Johnson — and they agree almost unanimously that there’s no one available who’s a better option.

THE LATEST CRISIS EXPLODED MONDAY NIGHT when Johnson introduced a four-part national security bill, which includes $60 billion in new funds for Ukraine, $14 billion for Israel, $9 billion in humanitarian assistance to Gaza and $5 billion to bolster Indo-Pacific allies against Chinese threats.

JOHNSON PLANS TO ADD ANOTHER BILL including Republican national security priorities such as the seizure of Russian assets and a House-approved bill that could ban TikTok from the United States, among other measures. Provisions to tighten control of U.S. borders is not in the measure, which has angered the radicals.

HOUSE REPUBLICANS have issues with the bills, especially aid for Ukraine, which clearly doesn’t have enough support for passage. But Johnson apparently is willing to bring that bill and the others to the House floor later this week, with one very important twist: he would be willing to work with Democrats — and accept their votes — to get the bills passed.

THAT TACTIC HAS GENERATED THE UPROAR that threatens Johnson’s job. Is there a logical successor? Not that we can see. The inmates are close to capturing the asylum. Johnson said yesterday that an attempt to oust him “is not helpful to the cause, it is not helpful to the country, it does not help House Republicans advance our agenda.”


The views expressed in this blog are those of the author and do not necessarily represent the opinions of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies.

The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.

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Written by

Greg Valliere

Greg Valliere

Chief U.S. Policy Strategist

AGF Investments

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