🏛️ Axios PM: New House surprise

Plus: Ice-cream nuggets | Wednesday, January 04, 2023

Open in app View in browser   Presented By Cooley   Axios PM By Mike Allen · Jan 04, 2023 Happy Wednesday afternoon. Today's PM — edited by Kate Nocera — is 499 words, a 2-minute read.     1 big thing: GOP hunts for options Screenshot: CNN Republicans started looking for other options this afternoon as Rep. Kevin McCarthy's stalemate dragged past a humiliating sixth ballot, Axios' Alayna Treene reports. Rep. Ken Buck (R-Colo.) — who backed McCarthy over six ballots — told CNN: "He either needs to make a deal to bring the 19 or 20 over, or he needs to step aside and give somebody a chance to do that." Other Republicans are waiting in the wings as they struggle with this same calculus, GOP lawmakers and aides tell Axios. McCarthy (left) listens as Rep. Chip Roy nominates Rep. Byron Donalds in the House chamber during today's marathon of votes. Photo: Alex Brandon/AP Photo 👂 What we're hearing: A "negotiating group" is expected to meet later today to hash out differences behind closed doors and attempt to reach a compromise. But McCarthy is running out of realistic concessions to make to detractors. Buck recommended the GOP conference turn to Rep. Steve Scalise (R-La.) — the GOP's second in line and viewed as the leading alternative to McCarthy. In the sixth vote — as well as the fourth and fifth — the 20 anti-McCarthy members all voted for Rep. Byron Donalds (R-Fla.). All Democrats voted for Rep. Hakeem Jeffries (D-N.Y.). McCarthy got 201 votes. Rep. Victoria Spartz (R-Ind.), who voted for McCarthy three times yesterday, voted present today. Donalds' nomination made history, marking the first time both major parties have nominated a Black person to lead the House, The Washington Post reports. Running coverage of today's votes from Axios' Erin Doherty.     2. 👛 New minimum wages take effect Data: Economic Policy Institute. (Hawaii and Florida increases took effect in October.) Map: Kavya Beheraj/Axios Minimum wage increases in 23 states and D.C. took effect this week, with inflation driving the bulk of the bumps. 13 states tie their minimum wage rate to the Consumer Price Index, and other states had increases set by legislation or ballot initiatives, Axios' Emily Peck reports. 🔭 Zoom out: These wage increases are part of a bigger trend — lower-income, lower-skilled workers are grabbing bigger wage increases than higher earners (in terms of percentage). Keep in mind: While the federal wage floor remains stuck at $7.25, a growing number of states now have minimum wages of at least $15 an hour. Go deeper.     A message from Cooley Read the fine print of bridge loans     Cooley recommends paying close attention to unique and aggressive terms when private companies consider convertible note financing. An example: Investors can ask for sweeteners like warrant coverage or exchanging previously issued securities for more senior securities. Find out more.     3. Catch up quick Photo: Patrick Semansky/AP Above: A study in contrasts from the Capitol. President Biden and Senate Republican Leader Mitch McConnell appeared together today for a Biden infrastructure speech at a dilapidated bridge over the Ohio River. Go deeper. The FBI upped the reward to $500,000 for information on the pipe bombs found outside the RNC and DNC headquarters the night before the Jan. 6 riot. Go deeper.     4. 🍨 1 food thing: Ice-cream nuggets A six-pack of ice cream nuggets and fudge dipping sauce ($6). Photo: Linh Ta/Axios Behold ice cream "nuggets" — vanilla-bean ice cream, disguised as chicken nuggets — an innovative new dessert from Black Cat Ice Cream in Des Moines, Iowa. White chocolate and "breaded" cereal form the coating. A $6 six-pack comes with a side of strawberry habanero, fudge or cookie-butter sauce. 💬 Linh Ta writes in her review for Axios Des Moines: "[T]he golden cereal crust on the outside really made the dessert pop." Share this story ... Get Axios Local.     A message from Cooley Key ways to reduce risk in a down market     Can board members mitigate risk when raising financing in a depressed valuation? With appropriate planning. Here's how: Form a special committee. Engage outside advisors or obtain fairness opinions. Check the market. Here's what you should know.   Thanks to Sheryl Miller for the copy edit. Are you a fan of this email format? Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it.   Axios thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. To stop receiving this newsletter, unsubscribe or manage your email preferences.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: