Crypto Updates

Former Speaker Kevin McCarthy Announces Departure From Congress

Veteran Trader Peter Brandt Asks Macro Guru If Bitcoin Bull Has Finally Awoken From Deep Slumber

Representative Kevin McCarthy (R-CA), the first House Speaker to be removed from his position midterm, has announced his resignation from Congress, effective at the end of this month.

What Happened: McCarthy’s decision to step down adds to the challenges faced by his successor, Speaker Mike Johnson, and the Republican majority in the House, NBC News reports. With an already slim majority, his departure makes the prospect of passing legislation in the upcoming year more daunting.

“No matter the odds, or personal cost, we did the right thing. That may seem out of fashion in Washington these days, but delivering results for the American people is still celebrated across the country,” McCarthy wrote in The Wall Street Journal.

Also Read: Adam Schiff Says ‘Donald Trump Will Never Leave Office Voluntarily’: ‘He Will Argue That It’s Rigged’

McCarthy’s resignation comes ahead of the Feb. 13 special election to replace expelled Representative George Santos. This further reduces the Republican majority to 220 members against 213 Democrats, leaving a narrow margin for passing measures without Democratic support.

In a video accompanying his retirement announcement, McCarthy reflected on his tenure, highlighting his roles and achievements. “Today I sit here having served as your whip, leader and as the 55th speaker of the House. We kept our government operating and our troops paid while wars broke out around the world. … I have faith in this country,” he stated.

As the son of a firefighter from Bakersfield, my story is the story of America. For me, every moment came with a great deal of devotion and responsibility.

Serving you in Congress and as the 55th Speaker of the House has been my greatest honor. pic.twitter.com/jNnYQ8UO4k

— Kevin McCarthy (@SpeakerMcCarthy) December 6, 2023

McCarthy’s ousting on Oct. 3 sparked a contentious race for his replacement, led by a group of eight Republican rebels. This historic move was met with concern by some of McCarthy’s allies, who warned of potential difficulties for the party in the coming year.

In his announcement on Wednesday, McCarthy wrote in the Journal, “Despite the best attempts by special interest groups and the news media to divide us, I have seen the goodness of the American people. They are what will ultimately uphold the enduring…

Click Here to Read the Full Original Article at Cryptocurrencies Feed…