18,000 Costco Teamsters Demand Fair Contract by January 31
Press Contact: Matt McQuaid Phone: (617) 894-0669 Email: mmcquaid@teamster.org
(WASHINGTON) – Costco Teamsters nationwide have voted by an overwhelming 85 percent margin to authorize a strike. The vote is a direct result of the company’s continued failure to bargain constructively and refusal to present a fair contract offer that reflects the company’s record-breaking profits. The Costco Teamsters National Master Agreement, covering more than 18,000 Costco workers, expires on January 31.
“Our members have spoken loud and clear — Costco must deliver a fair contract, or they’ll be held accountable,” said Teamsters General President Sean M. O’Brien. “From day one, we’ve told Costco that our members won’t work a day past January 31 without a historic, industry-leading agreement. Costco’s greedy executives have less than two weeks to do the right thing. If they refuse, they’ll have no one to blame but themselves when our members go on strike.”
Last week, hundreds of Costco Teamsters nationwide organized practice pickets in preparation for a potential strike. On Tuesday, Teamsters in Hayward, Calif., and Sumner, Wash., held practice picket actions. On Wednesday, Costco Teamsters held a practice picket and rally on Long Island. By Thursday, hundreds more in Southern California joined the mobilization effort with a large practice picket in San Diego.
“This strike vote is a direct response to Costco’s greed and blatant disregard for the bargaining process,” said Tom Erickson, Director of the Teamsters Warehouse Division. “Costco claims to treat workers better than the competition, but right now, it’s failing to live up to that reputation. Management has less than two weeks to fix this — if they don’t, they’ll face the consequences.”
Costco recently reported $254 billion in annual revenue and $7.4 billion in net profits — a 135 percent increase since 2018. Yet, despite these record gains, the company refuses to meet the Teamsters’ demands for fair wages and benefits that reflect the company’s enormous success.
“We are the backbone of Costco,” said Bryan Fields, a Costco worker in Baltimore and member of Teamsters Local 570. “We drive its success and generate its profits. We hope the company will step up and do right by us, but if they don’t, that’s on them. The company will be striking itself.”
Founded in 1903, the International Brotherhood of Teamsters represents 1.3 million hardworking people in the U.S., Canada, and Puerto Rico. Visit Teamster.org for more information. Follow us on X @Teamsters and “like” us on Facebook at Facebook.com/teamsters.
In a recent vote, Costco Teamsters have overwhelmingly voted to authorize a strike. The decision comes after months of negotiations between the union and the company failed to result in a fair agreement for workers.
The Teamsters represent thousands of Costco employees across the country, including warehouse workers, truck drivers, and other essential staff. They have been fighting for better wages, benefits, and working conditions, but Costco has been unwilling to meet their demands.
The vote to authorize a strike shows the unity and determination of Costco Teamsters to stand up for their rights and demand fair treatment from their employer. If a strike does occur, it could have a significant impact on Costco’s operations and bottom line.
Stay tuned for updates on the situation as negotiations continue and the possibility of a strike looms. Costco Teamsters are ready to fight for what they deserve, and they won’t back down until they get it.
Teamsters union members working at Costco Wholesale locations across the country voted to authorize a strike on Sunday, with more than 85% of members in favor of hitting the picket lines.
The union represents more than 18,000 Costco employees nationally.
“Our members have spoken loud and clear — Costco must deliver a fair contract, or they’ll be held accountable,” Teamsters General President Sean M. O’Brien said in a press release Sunday.
GRAYS, ENGLAND – FEBRUARY 5: A general view of a Costco Wholesale at Lakeside Retail Park on February 5, 2024 in Grays, United Kingdom. (Photo by John Keeble/Getty Images)
John Keeble/Getty Images
“From day one, we’ve told Costco that our members won’t work a day past January 31 without a historic, industry-leading agreement. Costco’s greedy executives have less than two weeks to do the right thing. If they refuse, they’ll have no one to blame but themselves when our members go on strike.”
The union says “fair wages and benefits” are the catalyst for the strike.
According to the union, the wholesale giant recently reported $254 billion in annual revenue and $7.4 billion in net profits, which marked a 135% increase since 2018.
“Yet, despite these record gains, the company refuses to meet the Teamsters’ demands for fair wages and benefits that reflect the company’s enormous success,” the union said.
In preparation for the strike, last week hundreds of Costco Teamsters nationwide organized practice pickets from Hayward, California, to Sumner, Washington, and Long Island, New York.
“We are the backbone of Costco,” Bryan Fields, a Costco worker in Baltimore and member of Teamsters Local 570 said in the press release. “We drive its success and generate its profits. We hope the company will step up and do right by us, but if they don’t, that’s on them. The company will be striking itself.”
In a historic move, Costco’s unionized workers have voted to authorize a nationwide strike. The decision comes after months of negotiations between the retail giant and the union representing its employees.
The vote, which took place over the past week, saw an overwhelming majority of workers in favor of the strike. The union cited issues such as low wages, inadequate benefits, and unsafe working conditions as the main reasons for the potential walkout.
If the strike goes ahead, it would be the first time in Costco’s history that its workers have gone on strike on a national scale. The impact of such a move would be significant, as Costco is one of the largest retailers in the country with millions of members.
Costco has yet to respond to the union’s decision, but the ball is now in their court as they work to address the concerns of their employees and avoid a potentially damaging strike. Stay tuned for updates on this developing story.
Dean Cain, who grew up in Malibu, California, told Fox News Digital that all of the homes he once lived in there, and in nearby Pacific Palisades, have been destroyed during this week’s Los Angeles-area wildfires.
“I ended up having three different houses in Pacific Palisades, one that I owned, two that I rented and lived in,” Cain said. “The three of those Pacific Palisades’ [homes], all of those burned, gone. Pacific Palisades looks like someone dropped a nuclear weapon on top of it and just flattened everything. I’ve never seen anything like that. Also, three of the houses that I lived in in Malibu are gone.”
The “Lois & Clark” star called the devastation “shocking and horrific, but not unexpected. It’s part of the reason I left California was this perfect storm of mismanagement and a failure of leadership.”
Cain said that when the Woolsey Fire hit in 2018, it burned his backyard but not his house.
“We’re used to this in Malibu,” he explained. “We get the wind, we get the fire, so we know how to deal with it. But when you have all the… tools taken away from you, no money, no brush clearance, no controlled burns, all of those things, you end up with a catastrophic situation like this.”
Dean Cain said that all of the homes he once lived in there, and in nearby Pacific Palisades, have been destroyed during this week’s Los Angeles-area wildfires. Fox News
Cain said that although his house survived the Woolsey Fire, his fire insurance was canceled afterward, adding that was part of the reason he left California for Henderson, Nevada, in 2018.
“There’s so many of us that have been shouting from the rooftops, including President Trump, numerous times, way back in the day during his first presidency,” he continued. “He’s been saying it, mismanagement is going to cost you. Removing money from the fire budget is going to cost you. Not controlled burning is going to cost you. Failure to reservoir the water, it’s going to cost you.”
Cain placed the blame squarely on Democratic Gov. Gavin Newsom.
“You screwed up, Gavin Newsom. You screwed up,” he said. “There was plenty of water. Last year was record rainfall or the year before, record rainfall. Snowmelt, reservoir the water.”
Cain placed the blame squarely on Democratic Gov. Gavin Newsom. MediaNews Group via Getty Images
Cain said his water bill was in the thousands per month when he lived in Malibu, and he couldn’t get fire insurance for less than approximately $40,000 a year.
His son helped him realize that he should leave the state by reminding him that he keeps “complaining about the tax policy, the lack of common-sense policies. Why are we living there?”
Stay up to date with the NYP’s coverage of the terrifying LA-area fires
The three fires still burning in LA as of Tuesday — Hurst, Palisades and Eaton — and the acreage they have burned. New York Post
“I was like, ‘Why are we here? What am I doing?’” he said. “And it was weird to leave my home forever, but to come here now [Henderson, Nevada] and to be in this gorgeous home with great policies, you know, castle doctrine, ‘stand your ground’ stuff and things like that, I’m like, ‘Wait a minute, this makes perfect sense.’ And then to watch the disaster unfold, I’m horrified. My heart is broken for the people who are suffering at the hands of this mismanagement. But I’m hoping that that will teach them about common sense.”
He added that “good times create weak men and weak men create hard times.”
“Weak policy creates hard times. We’re now in hard times. We need to have strong men so we can create good times again. That’s the way it is. Strong men and women, sound policy. Everybody’s going to be in a better position,” said Cain.
A firefighter extinguishes the fire as the Palisades Fire, one of several simultaneous blazes that have ripped across Los Angeles County, burns in Mandeville Canyon, a neighborhood of Los Angeles, California, U.S., January 12, 2025. REUTERS
Cain went on to say that he believes liberal people in Hollywood have usually “voted for all these things that really don’t affect” them, “but when it does affect you — you can’t get a permit to rebuild or your house burns down or people loot your home afterwards — suddenly you love the police, you love the firefighters, you love people that you’ve been denigrating for years. You want common sense policy.”
“So once it affects you, your votes change,” he said. “And I think this is going to turn a very, very blue state, much more red. I’m hoping California becomes purple and I’m hoping that — listen, my heart goes out to those who have lost everything. And I know they’re going to go through years and years of red tape, nightmare, memories gone. It’s going to be one of those catastrophic events in their lives. And I hope that this will wake up people so they’ll start voting for policies that make sense, common sense, and they’ll prepare for this sort of thing in the future.”
Because he lives in the desert, Cain said he has enough food in his car to last for several days and that he and his son have satellite radios in addition to their cellphones to communicate with each other.
“Not that I’m a survivalist or a prepper, because it’s common sense,” he said.
Firefighters work to clear a firebreak as the Palisades Fire, one of several simultaneous blazes that have ripped across Los Angeles County, burns in Mandeville Canyon, a neighborhood of Los Angeles, California, U.S., January 12, 2025. REUTERS
But, Cain said, “when you see a tragedy of this magnitude, you see how amazing the American people are, and they come together.”
“And there’s been an outpouring of support, food, water, necessities,” he added. “We are the most giving nation in the history of mankind. We will continue to be, you know, as fractured as we can be, [but] there are times in natural disasters, in war and things of that nature, where in the United States people come together. And it’s wonderful to see that happening. It’s going to be a very long, tough road.”
Cain noted that with the nature of the national news cycle, the wildfire devastation would be replaced by more recent news within a few weeks, “but all of these people’s lives are turned upside down.”
“I cannot fathom the scale of what’s happened to the Palisades,” he continued. “It’s stunning to me. Palisades High School, gone. I mean, football games. I played at Palisades High School. Dozens… It’s gone. It’s just gone. Like so much of my childhood is gone. I moved away because of the terrible policies. It’s just heartbreaking to see it happen. I don’t want to say I told you so, but I told you so.”
Cain said his mother, who is with him in Nevada, can’t stop crying watching the devastation.
“The house they built from the ground up… is gone to the ground,” he said, adding, “my mom’s been crying for two days.”
Cain added that he feels leaving Malibu for Henderson is “one of the smartest things I’ve ever done.”
“I feel like I’ve been freed,” he said. “Just so many people are just going to be like, you got out just in time. And I did. And because I was blessed to have the means and I had a son, my son Christopher was like, ‘Dad, let’s go.’ And life is so much easier here and so much better. Beautiful neighborhoods and much more value for your dollar… super low taxes in comparison to California, super low regulations in comparison to California. Smarter policy… we’rein the middle of the desert here in Nevada. We have better water rights, and the water is, they say it’s expensive here. It’s cheaper for me to get water here than it was in California… So absolutely [the] right move by me.”
In a recent interview, “Superman” star Dean Cain made a bold statement regarding the ongoing wildfires in Los Angeles. Cain believes that the devastation caused by the fires is going to make many Democrats rethink their vote in the upcoming election.
Cain, who is a vocal conservative and supporter of President Trump, expressed his belief that the fires are a result of poor forest management and environmental policies supported by Democratic politicians. He argued that the destruction and loss of homes caused by the fires will lead many Democrats to question their party’s stance on these issues.
While Cain’s comments may be controversial, they highlight the impact that natural disasters can have on political beliefs and voting decisions. As the fires continue to ravage parts of LA, it will be interesting to see if Cain’s prediction holds true and if it will influence the upcoming election.
Netanyahu confirms there is a final deal with Hamas
The Israeli security cabinet is meeting this morning in the first procedural step toward a ceasefire and hostage deal being implemented.
Israeli PM’s office says deal can still take effect Sunday
The Israeli prime minister’s office has said this morning the ceasefire can still begin on schedule on Sunday, despite delays as the two sides hammered out final details and traded blame.
“Subject to approval by the Cabinet and the government, and the entry into force of the agreement – the release of the hostages can be realized according to the planned outline, in which the hostages are expected to be released as early as Sunday,” Netanyahu’s office said.
The security cabinet is voting on the deal this morning, with the full cabinet set to vote later – tomorrow, per Israeli media – and then time allotted for Israel’s Supreme Court to hear any appeals. That had led to suggestions it may be Monday before a truce in Gaza and the release of hostages could begin.
VR headsets offer Gaza hostage experience in Tel Aviv
People sit wearing VR headsets in Tel Aviv last night, which reportedly give the user an experience of what it looks like being held hostage in Gaza.
The experience lasts for around four and a half minutes, where you are made to feel as though you have been taken into a room in Gaza and held captive by a terrorist, as gunfire and explosions can be heard close by.
Noam Galai / Getty Images
Israeli defense minister cancels detention orders against West Bank settlers
Omer Bekin and Mithil Aggarwal
Israel’s defense minister, Israel Katz, has canceled detention orders in place against settles in the occupied West Bank, saying, “It is better for the families of Jewish settlers to rejoice than for the families of the released” Palestinians.
Katz’ comments came as dozens of Palestinians currently in Israeli jails are expected to be released as part of the ceasefire agreement that will also see Israeli hostages held in Gaza freed.
“I have decided to release the settlers held in administrative detention and send a clear message of support and encouragement to the settlement enterprise,” Katz said in a statement this morning.
At least 101 killed in Gaza since deal’s announcement, Civil Defense says
Bashar Taleb / AFP via Getty Images
Israeli strikes have killed at least 101 people in Gaza since the ceasefire deal was announced on Wednesday, including 27 children, Gaza’s Civil Defense said.
An additional 264 people were injured, spokesperson Mahmoud Basal said.
Israel has consistently denied targeting civilians in the war, instead accusing Hamas of using them as “human shields.”
Among those killed, Basal said, were five people at a home that was hit in central Gaza and nine killed at another home north of Gaza city.
Israeli security cabinet to vote on ceasefire deal today
The Israeli security cabinet will meet today to vote on the ceasefire and hostage release deal reached with Hamas, local media reported, bringing it one step closer to implementation.
The deal must then be approved by the full cabinet, which is set to meet Saturday, meaning the ceasefire would most likely not take effect until Monday so as to leave sufficient time for any appeals to Israel’s Supreme Court.
The vote was delayed yesterday after Prime Minister Benjamin Netanyahu accused Hamas of seeking last-minute concessions, which the militant group denied. Netanyahu, who did not provide details of his allegations, later said he had been informed by his negotiating team that agreements on the hostage deal had been reached.
An Israeli official told NBC News that the security cabinet would convene at 10:15 a.m. local time (3:15 a.m. ET).
The Israeli security cabinet is set to vote on a potential deal with Hamas, the militant group that controls the Gaza Strip. The proposed agreement includes a ceasefire and prisoner exchange between Israel and Hamas.
This decision comes after months of escalating violence between Israel and Hamas, with both sides launching attacks and exchanging fire. The ceasefire would aim to bring an end to the hostilities and provide some much-needed relief for the residents of Gaza and southern Israel.
The prisoner exchange would see the release of Israeli citizens held by Hamas in exchange for Palestinian prisoners held in Israeli jails. This has been a contentious issue in the past, but both sides seem willing to make concessions in order to achieve a lasting peace.
The security cabinet is expected to vote on the deal in the coming days, with Prime Minister Naftali Bennett leading the discussions. If approved, this agreement could be a significant step towards de-escalating the conflict and creating a more stable future for both Israelis and Palestinians. Stay tuned for updates on this developing story.
‘Why Aren’t You in the Hague’: Blinken Heckled at News Conference
U.S. Secretary of State Antony Blinken was heckled as he delivered remarks about the Gaza cease-fire deal.
“Finally, I just wanted to share this morning —” Off-camera: “Get your hands off me. Get your hands off me. Get your hands off me. Answer a damn question.” “I look forward to answering questions in a few minutes.” “Do you know about Israel’s nuclear weapons? Everybody from the I.C.J. — I was sitting here quietly, and now I’m being manhandled by two or three people. You’re pontificating about a free press. You pontificate about a free press. You’re hurting me. You are hurting me. You are hurting me. I am asking questions after being told by Matt Miller that he will not answer my questions until I’m —” “Please, sir, respect the respect the process. We’ll have an opportunity to take questions in a few minutes.” “What‘s the point of the May 31 statement to block the I.C.J. orders? You blocked the I.C.J. orders.” “Please, sir, respect the process. Thank you.” “Respect the process. Respect the process while everybody, everybody from Amnesty International, from Amnesty International to the I.C.J. saying that Israel is doing genocide and extermination, and you’re telling me to respect the process. Criminal — why aren’t you in The Hague? Why aren’t you in The Hague? Why aren’t you in The Hague?”
U.S. Secretary of State Antony Blinken was heckled as he delivered remarks about the Gaza cease-fire deal.
In a dramatic show of the anger over American support for Israel’s war in Gaza, a farewell news conference by Secretary of State Antony J. Blinken was interrupted by two pro-Palestinian journalists who accused him of enabling “genocide.”
One shouted, “Criminal! Why aren’t you in The Hague?” as security officers carried him from the State Department briefing room.
Another reporter was ejected from the room at the start of a rare appearance there by Mr. Blinken, who had come to summarize his four-year tenure and take final questions from reporters.
At the news conference, Mr. Blinken said that, despite reports of last-minute snags, he was “confident” that the cease-fire deal reached this week by Hamas and Israel would begin to be carried out on Sunday as planned.
Mr. Blinken otherwise covered largely familiar subject matter as he fielded questions largely focused on criticism of the Biden administration’s continued supply of weapons to Israel as Palestinian casualties mounted, with Mr. Blinken noting that Hamas embedded itself among civilians. “Some people say we did too much to restrain Israel,” he said. “Others say we did too much to enable.”
But the news conference was most memorable for the outbursts that punctured Mr. Blinken’s opening remarks, the likes of which, Aaron David Miller, a former longtime diplomat, said on X he had never seen.
The man picked up from his seat and carried away by several security officers was Sam Husseini, who identifies himself online as “an independent journalist and writer who has been piercing through the establishment’s falsifications for 25 years” and is known for his confrontational questions at department briefings.
The other reporter was Max Blumenthal, a prominent left-wing journalist and fierce critic of Israeli policies, who asked Mr. Blinken, “How does it feel to have your legacy be genocide?”
Then, referring to Prime Minister Benjamin Netanyahu of Israel, he added, “You waved the white flag before Netanyahu!”
Such invective is by now all too familiar to Mr. Blinken, who most recently was shouted down and called a war criminal by protesters during remarks he gave on Gaza at a Washington think tank this week. In each case Mr. Blinken was largely unfazed, and continued his remarks once calm had returned to the room.
Israel Security Cabinet to Vote on Gaza Cease-Fire Deal, Netanyahu Says: Live Updates
Israeli Prime Minister Benjamin Netanyahu has announced that the Israel Security Cabinet will vote on a proposed cease-fire deal with Gaza. The decision comes after days of intense fighting between Israeli forces and Palestinian militants in Gaza.
Netanyahu emphasized that Israel’s top priority is to restore calm and security to the region. The proposed cease-fire deal, brokered by Egypt and other mediators, aims to end the violence and prevent further escalation.
The Security Cabinet’s vote will determine whether Israel accepts the cease-fire agreement or continues its military operations in Gaza. The situation remains tense, with both sides exchanging fire and casualties mounting.
Stay tuned for live updates as the Israel Security Cabinet deliberates on the Gaza cease-fire deal. The outcome of the vote could have significant implications for the future of the conflict and the prospects for peace in the region.
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Israel Security Cabinet, Gaza Cease-Fire, Netanyahu, Live Updates, Middle East Conflict, Israel-Palestine Relations, International News, Conflict Resolution, Security Council Decision
The House is expected to have 434 members present. The one seat expected to be vacant is that of former Rep. Matt Gaetz.
Members will be called individually and vote by calling out a name. To be reelected as speaker, Johnson will need a majority. The magic number isn’t set in stone, which is why things can get a bit tricky. It could change based on attendance, and whether members vote for a named candidate or simply record themselves as “present.”
So let’s run through some scenarios.
If all 215 Democrats show up and unite behind their leader, Rep. Hakeem Jeffries of New York, Johnson will only be able to lose one Republican who votes for another named candidate:
Jeffries: 215
Johnson: 218
Other candidate: 1
218 out of 434 = A majority for Johnson
If he loses a second Republican to another named candidate, he would not have the magic number for a majority:
Jeffries: 215
Johnson: 217
Other candidate: 2
217 out of 434 = Not a majority
He could in theory lose one GOP vote to another named candidate, and afford one other Republican defection so long as that person records “present” and doesn’t vote for an alternative candidate. That’s because the number he’d need for a majority would be lower:
Jeffries: 215
Johnson: 217
Other candidate: 1
Present: 1
217 out of 433 = A majority for Johnson
He cannot lose a GOP vote to a named candidate if two Republicans vote “present,” however:
Jeffries: 215
Johnson: 216
Other candidate: 1
Present: 2
216 out of 432 = Not a majority for Johnson
He could lose three defectors if they all vote “present”:
Jeffries: 215
Johnson: 216
Present: 3
216 out of 431 = A majority for Johnson
However, we know this last scenario won’t happen, because Rep. Thomas Massie of Kentucky has already told reporters he won’t vote for Johnson and will vote for an alternate candidate.
Currently, Massie is the only “no.” He told reporters in December that he had a “few” alternate candidates in mind, but wouldn’t say who they were.
There are several Republicans who have publicly said they’re undecided on Johnson, including Reps. Chip Roy, Andy Biggs, Victoria Spartz, Tim Burchett and Ralph Norman. Johnson met with several of the holdouts on Thursday.
The key advantage for Johnson is that no other Republican is currently challenging him or has publicly expressed interest in doing so.
The 119th Congress is officially underway, and the House of Representatives is gearing up for a historic vote for speaker. As the newly elected members take their seats, all eyes are on the House floor as the representatives prepare to cast their votes for the individual who will lead the chamber for the next two years.
The speaker of the House is a pivotal role, responsible for presiding over debates, guiding legislation, and representing the institution to the public. With the Democrats holding a slim majority in the House, the vote for speaker is expected to be a closely contested and crucial decision.
The outcome of this vote will not only set the tone for the 119th Congress but will also shape the legislative agenda and priorities of the House for the foreseeable future. As the representatives gather to make their choice, the nation watches with anticipation to see who will emerge as the leader of the House of Representatives.
Stay tuned for updates on the results of the speaker vote and the latest developments in the 119th Congress.
House Speaker Mike Johnson and his allies have been increasingly optimistic throughout the morning on Friday, as no other GOP lawmakers, besides Rep. Thomas Massie, have communicated to the speaker’s office they will definitively oppose him on the floor, according to multiple GOP sources.
While Republican leadership is not ruling out potential drama given the historically narrow margins for securing the speakership, there is rising confidence Johnson will secure the gavel by the end of day Friday.
Even one of Johnson’s holdouts — GOP Rep. Andy Ogles — predicted that Johnson would keep his gavel on Friday, and the only question was how many ballots it would take. The upbeat tone is notable from Ogles, who said he will not publicly reveal whether he plans to support Johnson on the floor.
Ogles, a member of the House Freedom Caucus, is among a group of members pushing for commitments from Johnson in the 119th Congress. Asked about his personal priorities, Ogles said he wants Congress to pay for any emergency spending, such as natural disaster relief or international aid.
“I’d say one of the biggest things is any supplemental, there needs to be a pay-for,” Ogles said.
Republican Rep. Jim Jordan exuded optimism about the vote, saying he thought it would take one ballot.
“I think so, I think probably Thomas is, as far as I know, Thomas is the only ‘no’ vote,” he said, referring to Massie.
Remember: To be elected speaker, a candidate must win a majority of votes out of all votes cast. There is one vacancy expected when the House convenes — with former GOP Rep. Matt Gaetz saying he won’t take the seat he was elected to in the new Congress — leaving 434 members, with 219 Republicans and 215 Democrats. If all 434 vote, it takes 218 to win.
This post has been updated with additional details.
Welcome to our live updates coverage of the House speaker vote and New Congress swearing-in ceremony! Stay tuned as we bring you the latest developments and reactions from Capitol Hill. #HouseSpeaker #NewCongress #SwearingInCeremony
Welcome to the new session of Congress, live blog readers.
Today at 12pm ET, the House of Representatives will begin the process of electing a new speaker, which could drag on for days if incumbent leader Mike Johnson cannot unify the Republican conference.
Johnson easily won his conference’s speaker nomination in November, but House Republicans’ narrow majority and the recent, highly contentious negotiations over a government funding package have imperiled his bid.
With former representative Matt Gaetz’s seat remaining vacant for now, Republicans have 219 House seats to Democrats’ 215. That means that, assuming every House member is in attendance and voting for a speaker candidate, Johnson can only afford a single Republican defection and still keep the gavel.
One House Republican, Thomas Massie of Kentucky, has already indicated he will not support Johnson on the first ballot today.
“You can pull all my fingernails out; you can shove bamboo up in them; you can start cutting off my fingers,” Massie told Gaetz, who is now a host for One America News, in an interview yesterday. “I am not voting for Mike Johnson tomorrow, and you can take that to the bank.”
Now the question becomes whether one other Republican will join Massie. Given the dozens of Republicans who remain outraged over Johnson’s attempt to pass a bipartisan funding deal with Democratic support last month, his victory is far from guaranteed.
Although speakership races have historically been straightforward affairs with little drama involved, that all changed in 2023, when the speakership election of the new Congress stretched on for days. It took Kevin McCarthy, Republicans’ speaker nominee, 15 ballots to capture the gavel, and he was ousted from his post just nine months later.
But Johnson has one major advantage heading into the vote: an endorsement from Donald Trump. The president-elect threw his support behind Johnson on Monday, and he doubled down on the endorsement in a post on Truth Social this morning.
“Good luck today for Speaker Mike Johnson, a fine man of great ability, who is very close to having 100% support,” Trump said. “A win for Mike today will be a big win for the Republican Party.”
Will Trump’s endorsement be enough to get Johnson across the finish line? The outcome remains unclear, so stay tuned.
Key events
If the House cannot elect a speaker on the first ballot this afternoon, then all business of the chamber will grind to a halt until a leader is chosen.
In October 2023, after Republican Kevin McCarthy was removed from the speaker’s chair, it took weeks to elect his replacement, leaving the House unable to consider any legislation for most of the month.
The stakes of the speakership race will be even higher given the chamber’s crucial business this month. House members cannot be formally sworn in for the new session of Congress until a speaker is chosen, and the chamber needs to certify the results of the presidential election in just three days.
House to vote on new speaker today
Welcome to the new session of Congress, live blog readers.
Today at 12pm ET, the House of Representatives will begin the process of electing a new speaker, which could drag on for days if incumbent leader Mike Johnson cannot unify the Republican conference.
Johnson easily won his conference’s speaker nomination in November, but House Republicans’ narrow majority and the recent, highly contentious negotiations over a government funding package have imperiled his bid.
With former representative Matt Gaetz’s seat remaining vacant for now, Republicans have 219 House seats to Democrats’ 215. That means that, assuming every House member is in attendance and voting for a speaker candidate, Johnson can only afford a single Republican defection and still keep the gavel.
One House Republican, Thomas Massie of Kentucky, has already indicated he will not support Johnson on the first ballot today.
“You can pull all my fingernails out; you can shove bamboo up in them; you can start cutting off my fingers,” Massie told Gaetz, who is now a host for One America News, in an interview yesterday. “I am not voting for Mike Johnson tomorrow, and you can take that to the bank.”
Now the question becomes whether one other Republican will join Massie. Given the dozens of Republicans who remain outraged over Johnson’s attempt to pass a bipartisan funding deal with Democratic support last month, his victory is far from guaranteed.
Although speakership races have historically been straightforward affairs with little drama involved, that all changed in 2023, when the speakership election of the new Congress stretched on for days. It took Kevin McCarthy, Republicans’ speaker nominee, 15 ballots to capture the gavel, and he was ousted from his post just nine months later.
But Johnson has one major advantage heading into the vote: an endorsement from Donald Trump. The president-elect threw his support behind Johnson on Monday, and he doubled down on the endorsement in a post on Truth Social this morning.
“Good luck today for Speaker Mike Johnson, a fine man of great ability, who is very close to having 100% support,” Trump said. “A win for Mike today will be a big win for the Republican Party.”
Will Trump’s endorsement be enough to get Johnson across the finish line? The outcome remains unclear, so stay tuned.
In a dramatic turn of events, Speaker of the House Mike Johnson’s leadership is in jeopardy as the House of Representatives prepares to vote on his continued speakership. Rumors of discontent within the caucus have been swirling for weeks, with some members questioning Johnson’s ability to effectively lead the chamber.
As the tension mounts, all eyes are on the House floor as members prepare to cast their votes. Will Johnson be able to rally enough support to maintain his position as Speaker, or will this be the end of his tenure?
Stay tuned for live updates as the House of Representatives decides the fate of Mike Johnson’s speakership.
Following its announcement on 20 December, Herald (HRI) has released a circular strongly outlining why the board believes shareholders should vote against all of Saba’s proposed resolutions. The circular also contains a notice of the requisitioned general meeting which is to be held at 10-11 Charterhouse Square, London EC1M 6EE on 22 January 2025 at 12 noon.
The circular, extracts from which are reproduced below, focuses on the lack of relevant information provided by Saba and the impressive long term returns generated by HRI, and reflects a similar view to our own position: [QD comment from Matthew Read: Saba’s proposal is utter madness in our view. Why would the shareholders of any of Saba’s targets want to hand over control to one dominant shareholder who can then act entirely in its own interest, rather than the collective interests of all? In Herald’s case, Saba Capital has acquired around 20% of the trust’s issued share capital but, because of the long-running issue of retail investors who hold their shares through the platforms tending not to vote, investors such as Saba get a disproportionate share of the vote. This is a concern, particularly for a trust such as Herald whose investments are very long-term in nature (it has a very long tail of small investments) as Saba’s proposals are very short-term and look likely to erode significant value for long-term investors were Saba able to drive through what would amount to a fire sale for Herald’s portfolio.]
Why you should reject Saba’s Demands and VOTE AGAINST the proposed Requisitioned Resolutions
The board believes that, since its inception, Saba has materially underperformed Herald. Since Saba’s inception in April 2009, Herald has produced a NAVtotal return of over 865%. You should vote against the requisitioned resolutions to avoid losing the opportunity to remain invested in Herald’s strategy, which has been highly successful over the long term.
Saba’s opportunistic proposal to take control: Your board believes the requisition is part of a campaign by Saba to take control of your company. Your board believes that only votes against the requisitioned resolutions can protect shareholders’ interests.
Your board believes that if Saba gains control and seeks to implement a different strategy, significant value could be lost for shareholders as a result of forced selling of parts of the portfolio.
In recent weeks, Saba has been building its interests in the company while shares have traded at very low single-figure discounts. Your board believes this may demonstrate that Saba wishes to take control of your company for its own economic benefit rather than due to concerns about the company’s performance or share rating.
Saba has stated that it intends to propose that Saba be appointed as the manager to pursue its own investment strategy, which is expected to be focused on the short-term and fundamentally different from your company’s current investment policy. However, Saba has failed to provide concrete details of these plans and the terms upon which it would be appointed.
In an open letter to the shareholders of the targeted trusts, Saba explained that it intends to requisition each of the boards of the targeted trusts to convene general meetings, at the latest, by early February 2025 with a view to removing each of the targeted trusts’ existing directors and appointing Saba nominated directors in their place. Saba also confirmed that its nominated directors, if elected to office, will consider terminating each of the targeted trusts’ existing management contracts and offering liquidity near to net asset value, and that the newly constituted boards will then consider new managers, with Saba proposing itself to each board. Were Saba to be appointed as manager, the board believes Saba will follow an investment strategy of purchasing discounted investment trusts and/ or combining the portfolios of the targeted trusts, that it hopes to manage, in an attempt to achieve the benefits of scale. To this end, the requisitioned resolutions seek to remove each of the company’s experienced and independent directors from office and replace them with Saba’s proposed appointees.
The board considers Saba’s claims, insofar as they are related to the company, to be unfounded and the requisitioned resolutions to be at odds with the interests of shareholders as a whole.
You should vote against the requisitioned resolutions to protect the value of your investment and to ensure Saba does not take control of your company for its own economic benefit.
Herald’s strong, independent board and high standards of corporate governance: Saba’s proposed appointees either work for or have been nominated by Saba. They are not considered to be independent and, therefore, may not have your best interests at heart. Saba has given no assurance that the current safeguards for shareholders, described on pages 10 to 12 of the circular, will be retained if Saba and the proposed appointees take control. You should vote against the requisitioned resolutions to ensure that your company retains a fully independent board focused on protecting shareholders’ interests.
Herald’s investment outlook: The technology sector is experiencing a particularly dynamic phase. Drivers include: (i) the rapid acceleration of computational power and data analytical capabilities enabling new products and services driven by artificial intelligence and other disruptive technologies; (ii) the journey to net zero; and (iii) an unstable world geopolitically leading to innovation in the defense and cybersecurity sectors, amongst others. Investments in the company’s target companies often start small and need to be nurtured to enhance value for shareholders. You should vote against the requisitioned resolutions to remain invested in the company’s distinctive investment strategy.
For these reasons, and those set out below, your board recommends unanimously that all shareholders vote against each of the requisitioned resolutions.
The proposals are not in the best interest of all shareholders; the board recommends voting against the requisitioned resolutions at the requisitioned general meeting.
Andrew Joy, chairman of Herald Investment Trust plc, said: “Since launch in 1994, Herald Investment Trust’s investment strategy has delivered outstanding investment performance and substantial returns for its shareholders, and its offering is both successful and unique in the UK-listedinvestment company sector. The board believes Saba wishes to take control of the company for its own economic benefit and to change the company’s investment strategy, which your board believes could result in significant value being lost for you, our shareholders. We have outlined in the circular posted today why the proposals from Saba are not in the best interests of all shareholders, and we strongly urge all shareholders to vote against the requisitioned resolutions proposed.”
HRI: Herald urges shareholders to VOTE AGAINST Saba’s resolutions
Dear Shareholders,
We urge you to carefully consider and vote against the resolutions proposed by Saba at the upcoming shareholder meeting. As a herald for responsible corporate governance, we believe that these resolutions are not in the best interest of the company or its shareholders.
It is important to thoroughly review the proposals put forth by Saba and to consider the potential impact on the company’s long-term growth and profitability. We believe that these resolutions may undermine the company’s ability to create value for its shareholders and could lead to unnecessary risks and uncertainties.
We urge you to exercise your voting rights and cast your vote against these resolutions to protect the interests of all shareholders. Your vote can make a difference in ensuring that the company continues to operate in a transparent and responsible manner.
Thank you for your attention to this important matter.
Sincerely,
[Your Name]
Herald for Responsible Corporate Governance
Speaker Mike Johnson on Friday was still grasping for the votes he needs to be re-elected hours before a vote on the House floor, continuing discussions with hard-line conservatives who have so far refused to back him.
Mr. Johnson huddled at the Capitol on Thursday with right-wing Republicans who have vented dissatisfaction with his performance as speaker and suggested that they want a new leader. But he left the building without securing enough commitments to ensure he would keep his post.
Republicans in November had unanimously nominated Mr. Johnson for another term. But weeks later, right-wing lawmakers became incensed about a year-end spending deal he cut with Democrats to avert a government shutdown, which collapsed when Elon Musk and President-elect Donald J. Trump panned it. Mr. Trump endorsed Mr. Johnson on Monday, but has otherwise stayed out of the fray of the speaker’s re-election fight.
To retain his position, Mr. Johnson will need nearly unanimous support on the floor from the fractious House Republican conference. Given the party’s exceedingly slim margin of control — Republicans hold 219 seats and Democrats 215 — he can lose only a single G.O.P. vote if every lawmaker is present and voting and Democrats support their leader, Representative Hakeem Jeffries of New York, as expected. One Republican, Representative Thomas Massie of Kentucky, has already declared that he will oppose Mr. Johnson.
“You can pull all my fingernails out; you can shove bamboo up in them; you can start cutting off my fingers,” Mr. Massie said on One America News Network on Thursday night. “I am not voting for Mike Johnson.”
The speaker has two major factors working in his favor. One is Mr. Trump, who has urged House Republicans to quickly get to work so they can begin enacting his agenda. Second, no other lawmaker has challenged him for the job.
“I think we get it done on the first round,” Mr. Johnson said on Thursday afternoon on Fox Business. “Certainly hopeful for that, because, as we noted, we’ve got to stick together.”
Some Republicans have signaled they may not be inclined to do so. Representative Chip Roy, Republican of Texas, said in a social media post on Wednesday that he was “still undecided” on whether to back Mr. Johnson, but added that “something MUST change” in Republican leadership.
In a last-ditch effort to hold onto his position as Speaker of the House, John Johnson is desperately seeking support from his colleagues ahead of an upcoming vote.
Johnson, who has faced mounting criticism and calls for his resignation in recent weeks, is now working overtime to shore up enough backing to maintain his leadership role.
With the vote looming, Johnson has been meeting with key members of his party, making promises and concessions in an attempt to secure their loyalty.
But with tensions running high and the stakes higher than ever, it remains to be seen whether Johnson will be able to rally enough support to keep his grip on power.
Stay tuned for updates as this high-stakes political drama unfolds.
