John Boehner's sudden resignation makes Wall Street want to cry
- 9 years ago
John Boehner, the speaker of the house, is one of Wall Street's favorites in Congress.
From his close relationship with the U.S. Chamber of Commerce to the speaker's role in defusing three Tea Party tantrums about the debt ceiling, Boehner has distinguished himself as a dealmaker in the Wall Street style: comfortable with compromise and able to see financial reason.
The sudden move immediately caused Wall Street analysis and economists to cast doubt on whether the Republican and Democratic parties will be able to strike a deal to avoid a government shutdown that looms at the end of September.
The U.S. government is set to run out of money in about a week.
Wall Street's worry: if Boehner, who has done this before three times, can't fix this, then who can?
Boehner had been on the front lines of battles between his Republican party and Democratic President Barack Obama over government spending, having worked to wrangle the GOP into a position of compromise.
From his close relationship with the U.S. Chamber of Commerce to the speaker's role in defusing three Tea Party tantrums about the debt ceiling, Boehner has distinguished himself as a dealmaker in the Wall Street style: comfortable with compromise and able to see financial reason.
The sudden move immediately caused Wall Street analysis and economists to cast doubt on whether the Republican and Democratic parties will be able to strike a deal to avoid a government shutdown that looms at the end of September.
The U.S. government is set to run out of money in about a week.
Wall Street's worry: if Boehner, who has done this before three times, can't fix this, then who can?
Boehner had been on the front lines of battles between his Republican party and Democratic President Barack Obama over government spending, having worked to wrangle the GOP into a position of compromise.