The scramble for the next Republican Speaker of the House is upending the typically refined world of GOP’s high-end financial contributions.
This tumultuous race is shaping up as a potential risk to the Republican’s strategy of holding onto its House majority. With the backdrop of a power shift, the financial arena is divided, tense, and making headlines.
Divided Allegiances and Bitter Backlash
When eight Republicans decided to cast their votes alongside Democrats to oust the former Speaker, Kevin McCarthy, the aftermath was palpable. Notable figures among the GOP donors are out for retribution.
Andy Sabin, a significant player in the donor circle, made it crystal clear that he’s guiding his contemporaries away from financially backing members who played pivotal roles in this shift.
Figures like Rep. Matt Gaetz from Florida and Rep. Nancy Mace from South Carolina are feeling the heat. Gaetz, particularly, being a key figure who spearheaded the movement against McCarthy, finds himself in the crosshairs of enraged backers.
The pendulum swings both ways. A separate faction of financial powerhouses is rallying against Republicans who didn’t back the prime candidate expected to step into McCarthy’s shoes, House Majority Leader Steve Scalise.
This shift in allegiance might have seemed opportunistic, given Scalise’s eventual withdrawal from the race, but the bitterness lingers. There’s a distinct sense of frustration among the ranks. Scalise’s pullback, after realizing he couldn’t muster the required support, seems to have added fuel to this ever-growing fire.
The McCarthy Financial Empire
But wait, there’s more to this saga. Another pocket of influential financiers, led by the likes of New York’s Joanne Zervos, is pushing hard to rekindle support for McCarthy. This move isn’t just out of loyalty. McCarthy’s track record as a massive fundraiser for the party is well-known. Losing his influential touch in the financial ecosystem might spell trouble for the GOP.
Yet, with the Speaker position still in flux, a growing number of high-profile donors are leaning towards a financial hiatus. This isn’t just a momentary hiccup. Some argue that the removal of McCarthy, a fundraising behemoth for the GOP, could cast a long shadow on the party’s financial health.
Meanwhile, McCarthy, true to his style, is plotting his next moves. Sources suggest he’s gearing up to limit campaign funds for certain House Republicans, specifically those who weren’t in his corner during the crucial vote.
History provides an interesting backdrop. In 2022, McCarthy’s fundraising committee, Protect the House, had financially backed four of the eight Republicans who eventually sided against him.
Now, post the ouster, it’s a different ball game. Reps who played their cards against McCarthy, like Mace, Crane, Good, and Rosendale, might have to rethink their financial strategies.
For instance, Mace, who once enjoyed hefty financial backing from Protect the House, might see a significant cutback. Days before she sided against McCarthy, her reelection campaign enjoyed a financial boost. But given the recent upheavals, such generosity from McCarthy’s corner seems improbable.
In the rough and tumble world of political finance, the stakes have never been higher. Loyalties are being tested, and deep pockets are being guarded. As the drama unfolds, one thing’s for sure: the race for the next Speaker has morphed into a money frenzy unlike any other.
