In the recent House Speaker vote, there was a surprising turn of events, Rep. Patrick McHenry’s prospects for becoming the permanent Speaker of the House have seen a notable uptick. As per recent betting market data, his chances peaked at 34% on Wednesday. This boost for the North Carolina Republican comes amidst the backdrop of the GOP’s initial nominee, Rep. Jim Jordan of Ohio, not clinching the pivotal role despite two rounds of voting. Intriguingly, Jordan’s backing appears to be waning, with his support dwindling from 20 to 22 Republicans in just a day. To put this in perspective, while McHenry’s odds rose to 34%, Jordan’s slumped to a mere 12.5%, as outlined by the Smarkets betting charts.
However, it’s essential to approach betting markets with caution. They misjudged last year’s midterms, shedding light on their occasionally erratic predictive nature. Such platforms can be swayed by evolving narratives, a perspective shared by a prediction market expert told MarketWatch after the 2022 midterms.
Liam Donovan, a seasoned GOP hand now with law firm Bracewell, voiced a growing sentiment in political circles: perhaps it’s time for McHenry to lead. This belief was further reinforced when Rep. Dave Joyce of Ohio proposed a motion to bolster the interim speaker’s authority. Joyce’s rationale was clear – with the House in a two-week stalemate without a Speaker and no candidate securing a majority, it might be prudent to empower McHenry as the Speaker Pro Tempore. This would ensure continued support for allies like Israel till a consensus on the new Speaker is reached.
Yet, there’s a counterview suggesting that an elevation in McHenry’s powers might be redundant. Mark Strand, a legislative expert at George Washington University, argues that once appointed, the Speaker pro tempore can execute duties akin to an elected Speaker without any formal constraints.
Amidst this, Minority Leader Hakeem Jeffries from New York hinted at a possible bipartisan consensus. Recognizing McHenry’s wide respect across party lines, Jeffries praised not just him but also many other Republicans, with a pointed exception – Jim Jordan.