The House Speaker race continues after Rep. Steve Scalise (R-LA.) withdrew and Rep. Austin Scott (R-GA.) emerged to challenge Rep. Jim Jordan (R-OH.). Henrietta Treyz, Veda Partners Managing Partner and Director of Economic Policy Research, belives it will be difficult for Jordan to rally sufficient bipartisan support to secure the House Speakership.

With the Speaker race unsettled, Rep. Patrick McHenry (R-NC) is tasked with overseeing the vote as Speaker Pro Tempore. However, pressing global issues are arising, from Israel-Hamas tensions to Ukraine aid, requiring legislative action. Given the uncertainty around the Speaker vote, Treyz suggests current Pro Tempore McHenry becoming Speaker may be the "path of least resistance."

"Remember these are the players of the game, these congressmen, but they're also the referees," Treyz tells Yahoo Finance, adding: "So when they need to change the rules they do."

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Video Transcript

JOSH LIPTON: House Republicans scrambling now to pick their next speaker. House Judiciary Chairman Jim Jordan now has a challenger, Congressman Austin Scott. This coming after Steve Scalise dropped out because he wasn't able to secure the votes needed to become speaker. Joining us now is Henrietta Treyz, Veda Partners Managing Partner and Director of Economic Policy Research. So Henrietta, Scalise out, withdrew from the contest. Walk us through what happens next.

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HENRIETTA TREYZ: Well, as we speak right now, the House Republican conference is going into an internal meeting to see if they can take votes and choose between their two remaining candidates as you just mentioned, Scott and Jordan. My opinion was the same today as it has been since November of last year after the midterms. I don't see how Jim Jordan gets the votes from the moderate wing of the Republican Party to get to the 217 votes that they have.

There is some optimism. Members of both parties have been alerted that votes could happen through the weekend. But it looks like a heavy lift to me. And again, I don't see how Jim Jordan gets 217 votes. So this could easily be on the table for us next week and the week after. We really need a piece of major legislation to need urgent House action. Otherwise, you're just seeing this posturing and internal Republican infighting that really has been present for years now bubbling over with this latest speaker's drama.

JULIE HYMAN: Henrietta, I have sort of a dumb question for you. What does the speaker of the House do? And if there is legislation that needs to be approved next week or the week after, does a speaker of the House need to be in place in order for that to get passed?