Why Larry Summers Should Be Named Fed Chair Today

“Is Elon Musk the new dictator of the Republican Party?” — Rep. Jamie Raskin (D-MD), quoted by the New York Times.

Punchbowl News: “House Republican leadership is going to put the bill on the floor on suspension of the rules. Any legislation considered in this manner requires a two-thirds majority for passage. With Democrats opposed, the bill will fail.” “The GOP leadership will then try to get a rule reported out of the Rules Committee and hold a floor vote under a simple-majority threshold.

“I’m not just a no, I’m a hell no.” — House Minority Leader Hakeem Jeffries (D-NY), speaking to Democrats about the new Republican government funding proposal.

“Speaker Mike Johnson spent months doing everything he could to hang on to his job come January, most notably a concerted charm offensive to keep President-elect Donald J. Trump placated and in his corner. It took just a few hours on Wednesday for it to all go bad,” the New York Times reports. “The Louisiana Republican this week got a taste of what life could be like in the second Trump era beginning next month as he was mercilessly undercut on his complex year-end legislation by Mr.

“The collapse of Congress’ spending negotiations is throwing the presidential transition and preparations for President-elect Donald Trump’s second inauguration into chaos as Washington stares down the prospect of a government shutdown just after midnight Friday,” Politico reports.

House Republicans are eyeing a bill to extend government funding for three months while suspending the debt limit until January 2027, Punchbowl News reports. The legislation would also extend the farm bill, send $110 billion to disaster-stricken areas and extend a number of health care provisions. CNN reports a House vote is expected around 6 p.m.