The Kamala Harris Election; Kevin McCarthy’s First Big Vote as Speaker
Author: Greg Valliere
April 26, 2023
THE KNOCK ON HARRIS has been that she lacks gravitas and has been an undistinguished vice president. But there’s an opposite narrative; her allies point out that she wasn’t given many meaningful tasks by the White House — and, they say, she brings three very big assets to the upcoming campaign:
1. Harris will focus on strict new abortion curbs. Republicans have over-played their hand on this issue, polls agree, and she will make abortion her dominant campaign theme.
2. Harris will guarantee strong support for the ticket among female and African-American voters, perhaps freeing up some time to focus on wavering Hispanic voters and on young people who are angry about Biden’s Alaskan oil policies.
3. And Harris will bring energy to the ticket; her speeches have become more fiery, as Biden seems increasingly frail.
THE CAMPAIGN VIDEO seemed to proclaim that Biden knows he can’t dump Harris, so why not try to make her an asset? Despite the gravitas issue, the White House is all-in for Harris, who stands a good chance of becoming president at some point in a second Biden term. Whether voters are comfortable with that likelihood remains to be seen.
* * * * *
KEVIN McCARTHY’S FIRST MAJOR VOTE: The beleaguered House Speaker still doesn’t have the votes for his deficit-reduction bill. He’s lobbying members furiously but if just four Republicans vote against it, the measure could die. McCarthy wants a vote today, but it could be postponed for lack of support.
WHAT’S HOLDING UP THE BILL? Some conservatives want more aggressive work requirements for beneficiaries of federal programs; some moderates want to preserve energy tax credits; many Midwesterners are opposed to killing ethanol subsidies; and some members simply will not vote for any bill that leads to raising the debt ceiling.
IT STRIKES US THAT TWO ISSUES MAY BECOME DOMINANT in the next few days: McCarthy’s inability to move a bill, and increasing problems at the First Republic Bank, which hit a deep pothole yesterday. If there’s no progress on a budget and fresh anxiety over banks, the case for the Federal Reserve finishing its rate hikes could become much louder.
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.
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.
Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
For further information, please visit AGF.com.
©2025 AGF Management Limited. All rights reserved.
