One of the most powerful elected politician in the US government just lost his job !

What Has Happened ?

- Kevin McCarthy lost the House Speakership

- This is extraordinary & unprecedented

- Last time a motion like this was attempted - 113 years ago - it failed

- Unclear if there will be a temporary placeholder speaker & who will ultimately replace McCarthy


Why this matters ?

1. This jeopardizes additional funding for Ukraine

2. Moody's has been warning on quality of US governance - this episode adds to it

3. This is the 3rd major political episode in US this year (debt ceiling shutdown, govt shutdown showdown) - highlights extent of dysfunction in the Capitol