Rep. Garamendi (D-CA): Kevin McCarthy Would Have No Easy Task as Speaker
House Speaker Paul Ryan threw his weight behind Majority Leader Kevin McCarthy (R-CA) as a replacement for when he retires from his position in January.
The Wisconsin Republican told NBC Friday that “Kevin’s the right guy to step up.” Although, it’s unclear how much Ryan’s endorsement would boost McCarthy’s prospects.
The Majority Leader jockeyed to replace former Speaker John Boehner (R-OH) in 2015 but abruptly bowed out of the race, citing a potential lack of support from the party at the time, particularly from the conservative Freedom Caucus.
And Rep. John Garamendi (D-CA) thinks that even with Ryan’s backing this time, McCarthy may get a little *déjà vu*.
“Given the extraordinary fracture that exists in the Republican caucus between the more normal Republicans and the Freedom Caucus, it’s nearly an impossible task,” Gramendi told Cheddar Friday.
Additionally, half of the district that McCarthy represents relies on Medicaid, which is something the GOP wants to cut. Taking the party position as Speaker could damage McCarthy’s standing with his constituents, said Garamendi.
Ryan announced earlier this week he would not seek re-election, leaving the Republican party scrambling to find a replacement. Other potential candidates for Speaker include Majority Whip Steve Scalise (R-LA), who was shot at a congressional baseball practice last year, and Rep. Jim Jordan (R-OH), who heads the Freedom Caucus.
But that’s only part of the party’s problem. Ryan’s retirement also suggests that the GOP could find it tough to hold onto its majority in the House at the midterm elections.
For full interview, [click here](https://cheddar.com/videos/rep-garamendi-d-ca-president-trump-is-destroying-the-american-government).
Cheddar's Chloe Aiello has our cannabis year-in-review, breaking down how several states legalized adult recreational use and greenlit medicinal use in 2021. She noted that while a cannabis legalization and decriminalization bill was introduced in Congress this year, potential FDA involvement in the industry, as well as a 25 percent excise tax, killed any chance the bill had of moving forward. Aiello also speculated that some form of cannabis reform could be rolled out in 2022, as the midterm elections draw closer.
Jim Worden, Chief Investment Officer at Wealth Consulting Group, joins Cheddar News' Closing Bell, where he says the period between Christmas and New Year's is difficult to predict due to a lack of institutional volume, with the Omicron variant adding even more uncertainty on Wall Street.
Prices at the pump this year reached a seven-year high, and a new forecast from GasBuddy shared with CNN predicts that gas prices will only continue to rise in 2022 and that the national average could even reach $4.00 a gallon; however, analysts at GasBuddy say anything could happen when it comes to gas prices in the future, as the pandemic has made it difficult to make any predictions about the economy. Consumer Energy Alliance federal policy advisor Michael Zehr joins Cheddar News' Closing Bell to discuss.
David Stryzewski, CEO of Sound Planning Group, joins Cheddar News' Closing Bell, where he says that some of the major stock positions are getting the most lift to the upside as the major indexes climb higher to begin the week.
