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Federal Reserve Chairman Jerome Powell acknowledged recent signs of cooling inflation, but said Thursday that the slowing in price increases was not enough yet to determine a trend and that the central bank would be “resolute” in its commitment to its 2% mandate.

“Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal,” Powell said in prepared remarks for his speech at the Economic Club of New York. “We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters.”

“While the path is likely to be bumpy and take some time, my colleagues and I are united in our commitment to bringing inflation down sustainably to 2 percent,” Powell added.

However, he also noted that progress made toward the Fed’s twin goals.

In recent days, data has shown that while inflation remains well above the target rate, the pace of monthly increases has decelerated and the annual rate has slowed to 3.7% from more than 9% in June 2022.

“Incoming data over recent months show ongoing progress toward both of our dual mandate goals —maximum employment and stable prices,” he said.

The speech was delayed at the onset by protesters from the group Climate Defiance who charged the dais at the club’s dinner and held up a sign saying “Fed is burning” surrounded by the words “money, futures and planet.”

Powell hinted the labor market and economic growth may need to slow to ultimately achieve the Fed’s goal.

“Still, the record suggests that a sustainable return to our 2 percent inflation goal is likely to require a period of below-trend growth and some further softening in labor market conditions,” Powell said.

The comments come the same day initial jobless claims hit their lowest weekly level since early in 2023, indicating that the labor market is still tight and could exert upward pressure on inflation.

Fed officials have been using interest rate hikes in part to try to level out a supply-demand imbalance in the jobs market. However, robust job creation in September and a slow pace of layoffs could put progress on inflation at risk.

“Additional evidence of persistently above-trend growth, or that tightness in the labor market is no longer easing, could put further progress on inflation at risk and could warrant further tightening of monetary policy,” he said.

In recent days, other Fed officials have said they think the Fed can be patient from here. Even some members who favor tighter monetary policy have said they think the Fed can halt rate hikes at least for now while they watch the lagged impact the rate hikes are expected to have on the economy.

Markets widely expect the Fed to hold off on additional rate hikes, though there remain questions over when officials might begin cutting rates.

Powell was noncommittal on the future of policy.

Given the uncertainties and risks, and how far we have come, the Committee is proceeding carefully. We will make decisions about the extent of additional policy firming and how long policy will remain restrictive based on the totality of the incoming data, the evolving outlook, and the balance of risks,” he said.

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Delta Air Lines is trying to appease flyers who were angry about changes to its loyalty programs.

But the company isn’t undoing the changes it announced last month. Starting next year, rewards will depend on how much money flyers spend on Delta flights instead of how many flights they take or the number of miles they fly. That means customers will have to spend much more money to earn the rewards that come with Medallion status.

However, Delta made it easier to reach those levels than it would have been under the first version of the plan. Whereas Delta had originally proposed requiring people to spend 6,000 ‘qualifying dollars’ to reach the lowest status, Silver, it will now take 5,000.

The current rules have flyers reaching Silver status if they take 30 flights or reach a combination of 3,000 qualifying dollars and points.

Delta says that because it has reduced the mileage thresholds, spending on car rentals and hotels will no longer count toward the spending totals. And spending on basic economy trips will still not count toward Medallion status.

Delta also says it will limit the number of times American Express Platinum Card and Delta Reserve American Express Card users can visit airport lounges, although it eased those limits compared to last month, as well.

The previous changes angered some Delta customers and prompted other brands to announce offers to win away their business. American Airlines also announced changes to its frequent flyer program this year.

More people have achieved frequent flyer statues in recent years as consumers have spent more money on air travel and through co-branded credit cards. That has been costly for airlines, and they’ve started making it harder to earn frequent flyer rewards in response.

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Spirit Airlines said it is canceling flights so it can inspect 25 of its planes, which will be out of service for several days.

In a statement, the budget airline said it was going to ‘perform a necessary inspection of a small section of 25 of our aircraft.’ Spirit said it was taking that step ‘out of an abundance of caution’ but did not provide further details.

The airline said it would take several days for its network to get back to normal.

The Florida-based airline said it had 202 planes as of Oct. 1. According to the flight tracking website FlightAware, Spirit canceled 98 flights on Friday, or 11% of its scheduled total.

Spirit said people with scheduled flights should monitor their email and the company’s website and app before heading to the airport.

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The White House shot back at Republican efforts to redirect aid from Gaza to the Iron Dome, arguing the GOP lawmakers behind new legislation should back President Biden’s new supplemental funding bill for Israel.

‘Before becoming the first American commander-in-chief to set foot in Israel during wartime, President Biden’s unflinching backing for Israel in the wake of the worst terrorist atrocities in their history was welcomed across that country as the strongest expression of support from anyone to ever sit in the Oval Office,’ White House deputy press secretary Andrew Bates told Fox News Digital. ‘He quickly sent military aid to Israel, and he has been clear that the United States will ensure Israel has what it needs to protect itself, – and those Americans living in and traveling to Israel – from terrorism.’

The comments come after a group of Republican senators led by Sen. Bill Hagerty, R-Tenn., introduced legislation Thursday that would require the president to transfer ‘all unexpended balances of appropriations made available to Gaza to the Department of Defense, to be available for grants to Israel for the Iron Dome short-rage rocket defend system.’

‘In the wake of Iran-backed Hamas’s savage attack on Israel in which over 1,300 people in Israel were murdered, including 30 Americans, and as Iran-backed Hamas terrorists continue to launch missiles and rockets into Israel, the American people have seen the images of Israel’s Iron Dome missile defense systems repeatedly intercepting rockets and saving the lives of countless civilians,’ Hagerty told Fox News Digital. ‘My legislation requires the Biden Administration to halt U.S. foreign assistance from going to Hamas terrorist-dominated areas and instead to redirect these resources to help Israel resupply its life-saving Iron Dome interceptors. The United States should unequivocally support the right of Israel to defend itself from terrorists.’

The bill has 11 GOP cosponsors, with some taking aim at Biden’s priorities in the war.

‘The Biden Administration insists on sending foreign assistance to Gaza, while Hamas steals it to fund weapons to kill Israelis and Americans,’ Sen. Josh Hawley, R-Mo., told Fox News Digital.

‘Instead of providing assistance to Gaza, the Biden Administration must ensure any taxpayer funds are used to support Israel’s Iron Dome to defend its citizens from the savagery of Iran-backed Hamas,’ Sen. Marco Rubio, R-Fla, added.

However, Bates argued that ‘the overwhelming majority of the Palestinian People are not Hamas’ and chastised the GOP effort to ‘stop our work to feed innocent people.’

‘There is strong, bipartisan support for President Biden’s efforts to deliver humanitarian necessities to the people of Gaza – like food, water, and medicine – without benefiting Hamas,’ Bates said.

Bates also pointed to the president’s efforts to secure additional funding for the Israeli war effort, something he argued the GOP senators should support.

‘If these congressional Republicans want to join President Biden in his efforts to help Israel destroy Hamas, we look forward to their endorsement of the supplemental funding bill he will soon propose,’ Bates said.

Meanwhile, a National Security Council spokesperson pointed out to Fox News Digital that Biden made the Iron Dome’s continued operation a priority in the early days of the war, pointing to Oct. 10 remarks in which the president vowed a surge of military aid to Israel.

‘We’re surging additional military assistance, including ammunition and interceptors to replenish Iron Dome. We’re going to make sure that Israel does not run out of these critical assets to defend its cities and its citizens,’ Biden said at the time. ‘My administration has consulted closely with Congress throughout this crisis.  And when Congress returns, we’re going to ask them to take urgent action to fund the national security requirements of our critical partners.’

The spokesperson also pointed out that Biden promised to halt any aid if it fell into the hands of Hamas.

‘If Hamas confiscates it or doesn’t let it get through or just confiscates it, then it’s going to end, because we’re not going to be sending any humanitarian aid to Hamas if they’re going to be confiscating it,’ Biden said Wednesday. ‘That’s the commitment that I’ve made.’

The spokesperson stressed that ‘U.S. assistance for Palestinians does not go to or through Hamas’ and that the aid ‘provides funding for essential and life-saving humanitarian assistance to Palestinian refugees through vetted international and non-governmental organizations.’

‘These organizations fill a critical role in providing assistance that would otherwise be filled by terrorist organizations like Hamas,’ the spokesperson told Fox News Digital. ‘Our trusted partners and beneficiaries are subject to extensive vetting and oversight procedures to help prevent assistance from flowing to individuals or organizations that are affiliated with terrorists.’

Responding to the criticism, a spokesperson for Sen. Tommy Tuberville, R-Ala., one of the cosponsors of the effort, said ‘it makes no sense to condition aid to Israel on aid to Ukraine’ while also stressing that ‘Gaza is run by Hamas.’

Meanwhile, Hagerty argued that the ‘reality is that Hamas controls Gaza, and Hamas will likely find a way to use incoming American taxpayer dollars to further its objective of obliterating Israel.’

‘This is not my opinion, but that of Biden’s own State Department that warned that there is ‘a high risk’ Hamas could potentially derive indirect, unintentional benefit from U.S. assistance to Gaza,’ Hagerty said. ‘Until we know that U.S. taxpayer dollars won’t inadvertently fund Hamas, President Biden should support Israel’s efforts to put Hamas out of business once and for all—rather than push misguided measures to appease the radical far-left, sending taxpayer dollars that will inevitably be diverted to Hamas leadership.’

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Judiciary Chairman Jim Jordan, R-Ohio, is forging ahead with his bid to become House speaker and suggested he intends to hold votes this weekend if he does not win on Friday.

Jordan’s office announced a Friday morning press conference late on Thursday night. House lawmakers are expected to hold a third round speaker vote later Friday morning after Jordan failed to clinch a majority of the chamber in two rounds of voting this week.

‘Our plan this weekend is to get a speaker elected to the House of Representatives soon as possible, so we can help the American people,’ Jordan told reporters.

Jordan called on Congress to ‘get to work’ and cited the crisis in the Middle East as well as the looming government funding deadline on Nov. 17.

‘We’ve got important work to do, important work to do. We need to help Israel. We need to get the appropriations process moving so that the key elements of our government are funded and funded in the right way, particularly our military,’ Jordan said.

‘We need to get back to our committee work and frankly, we need to continue the oversight work that I think is so darn important. In short, we need to get to work for the American people.’

The GOP bomb-thrower fell 17 votes short of a 217-threshold majority on Tuesday, and then 18 votes short on Wednesday.

Tentative plans for a Thursday vote were scuttled as GOP lawmakers huddled behind closed doors for nearly four hours trying to figure out how to move forward. 

The House has been paralyzed for more than two weeks since ex-Speaker Kevin McCarthy’s ouster by eight Republicans and every House Democrat.

It’s not immediately clear what kind of path forward Jordan has. Multiple holdouts who met with him on Thursday told reporters their minds remained unchanged. 

Nevertheless, Jordan brushed off questions about what he intends to do if he loses again Friday, insisting the best way to get the House back in order was to elect a speaker.

‘Between the first and the second vote, you all said we’re going to lose ten, 15 votes…We picked up a few. We lost a few. I think the ones we lost can come back,’ Jordan said.

‘So look, there’s been multiple rounds of votes for speaker before. We all know that. I just know that we need to get a speaker as soon as possible, so we can get to work for the American people.’

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A trio of House Republicans Thursday put forward a resolution to rebuke the Biden administration over its handling of evacuation arrangements for U.S. citizens from Israel as violence ripped through the country.

GOP Reps. Cory Mills and Byron Donalds of Florida and Nicole Malliotakis of New York introduced a resolution ‘[c]ondemning the Biden Administration for failing to fulfill the United States Government’s duty to American citizens left stranded in Israel.’ 

Mills, who independently evacuated over 100 stranded Americans over the course of several days last week, called out the administration’s readiness to use ‘taxpayer dollars to provide free housing to illegal immigrants’ in the U.S., while he says it frequently fails to demonstrate care ‘about the well-being of American citizens stranded abroad during times of violent conflict.’

The lawmakers offered several data points in which they say the State Department failed to provide help to stranded Americans in Israel when they were asked – and pushed by bipartisan members of Congress – to do so.

‘Whereas the Biden Administration has used taxpayer funds to provide free housing and other resources to illegal immigrants entering the United States, yet United States citizens seeking to evacuate from the developing war zone in Israel are not prioritized for such resources or assistance,’ the resolution states.

‘Whereas it is the duty and responsibility of the United States Government, inasmuch as it is reasonably within its power, to preserve and protect the safety and interests of the citizens of the United States of America domestically and abroad,’ it continues.

‘After going through this with both Afghanistan and Ukraine, it’s unconscionable that the Biden Administration was delayed in executing a plan to safely get American citizens out of Israel as soon as possible,’ Rep. Malliotakis said in a statement to Fox News Digital.

‘We’re extremely grateful for Congressman Mills’ bravery and appreciate his efforts to step up in the absence of this unresponsive Administration to get our people home,’ she added. 

‘Other countries like Poland, Germany, Mexico, Australia, and Canada had commercial and military planes on the ground to conduct evacuations within hours, meanwhile, trapped American citizens were stonewalled by the U.S. State Department when looking for the simplest of answers,’ she said.

The Biden administration disputes the claims made by the lawmakers and says that more than 5,700 seats on U.S. government-chartered transport via air and water were made available for citizens and their family members, adding that there was even more supply than there was demand.

The resolution states that on Oct. 9, most major airlines canceled flights departing from Israel. When Americans asked the State Department for guidance, the lawmakers say that state department responses ‘failed to provide useful and actionable information,’ and just instructed them to keep checking airline websites for updates. 

According to the lawmakers, 146 bipartisan members of the House transmitted a letter to Secretary of State Antony Blinken on Oct. 10. ‘urging the Department to ‘‘use all resources at its disposal, including charter flights, to help those Americans that remain in Israel.’

The state department reportedly instructed U.S. citizens, at least through Oct. 10, that the department had ‘no plans to provide evacuation options out of Israel, as well as that United States persons seeking assistance should make no further contact to the Department.’

The resolution notes that when the state department eventually organized charter flights to get Americans out, at least 16 other countries had already done so for its citizens.

Rep. Donalds echoed that sentiment in a statement, saying, ‘My colleague Mr. Mills illustrated admirable leadership in his efforts to bring Americans home, and I am proud to support this effort to stand alongside our Israeli brothers and sisters. We must all Stand With Israel and denounce Hamas.

‘Israel is one of our greatest allies and a pillar of stability and Democracy in a region notorious for chaos and servitude. Hamas’s abhorrent attack on the State of Israel and the Jewish people shook the world and deserves the complete and relentless condemnation of everyone who stands for freedom, humanity, and religious liberty,’ he said. 

The resolution was introduced Thursday amid a tense battle among the Republican majority for the House speaker. The resolution would need to be adopted by a House majority, but cannot be considered for a vote until the speakership is decided. 

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Russia on Friday is blasting President Biden for comparing Russian President Vladimir Putin to the Palestinian terrorist group Hamas, saying that his remarks during a primetime speech last night are ‘unacceptable’ and ‘hardly suitable for responsible heads of state,’ a report says. 

Kremlin spokesperson Dmitry Peskov made the comments, according to Reuters, after Biden said Thursday that ‘the assault on Israel echoes nearly 20 months of war, tragedy and brutality inflicted on the people of Ukraine, people that were very badly hurt since Putin launched his all-out invasion. 

‘We’ve not forgotten the mass graves, the bodies found bearing signs of torture, rape used as a weapon by the Russians, and thousands and thousands of Ukrainian children forcibly taken into Russia, stolen from their parents. It’s sick. Hamas and Putin represent different threats, but they share this in common. They both want to completely annihilate a neighboring democracy,’ Biden said. 

‘Completely annihilated,’ Biden continued. ‘Hamas’ stated purpose for existing is a destruction of the state of Israel and the murder of Jewish people. Hamas does not represent the Palestinian people. Hamas uses Palestinians civilians as human shields and innocent Palestinian families are suffering greatly because of that. Meanwhile, Putin denies Ukraine has or ever had real statehood. He claims the Soviet Union created Ukraine.’ 

LIVE UPDATES: ISRAEL AT WAR WITH HAMAS 

Peskov said in Russia Friday that ‘such rhetoric is hardly suitable for responsible heads of state, and such rhetoric can hardly be acceptable for us; we do not accept such a tone towards the Russian Federation and towards our president,’ Reuters reports. 

BIDEN DECLARES IT IS ‘VITAL’ TO US SECURITY FOR ISRAEL, UKRAINE TO SUCCEED IN WARS 

Biden also said Thursday that ‘History has taught us that when terrorists don’t pay a price for their terror, when dictators don’t pay a price for their aggression, they cause more chaos and death and more destruction — they keep going. And the cost and the threats to America and the world keep rising.’  

‘If we don’t stop Putin’s appetite for power and control of Ukraine, he won’t limit himself just to the Ukraine,’ he added. 

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FIRST ON FOX: A group of 35 House Republicans are calling for the Department of Justice (DOJ) to investigate rampant pro-Hamas activity in the aftermath of the terrorist group’s attacks on innocent civilians in Israel.

The Republicans, led by Rep. John Moolenaar, R-Mich., penned a letter to Attorney General Merrick Garland requesting information about his agency’s efforts to probe supporters of Hamas, a federally-designated foreign terrorist organization, in addition to perpetrators of antisemitic violence nationwide. They noted that the DOJ has previously investigated American parents who spoke up at school board meetings.

‘Freedom of speech is a cornerstone of our nation, but coordinated activities supporting Hamas, and intimidating and endangering other citizens have no place in our lawful society,’ Moolenaar and the other GOP lawmakers wrote to Garland. ‘Your department plays a critical role in enforcing the equal application of the law and safeguarding our nation’s security.’

‘In that regard, we want to know what steps are being taken by the Department of Justice to investigate Hamas supporters in the United States, as well as the perpetrators of anti-Semitic violence in cities and school campuses across the nation,’ they continued. 

The Friday letter comes weeks after Hamas militants infiltrated southern Israel and massacred Israeli civilians in a surprise attack on Oct. 7. Since the massacre, Hamas has taken hundreds of innocent civilians, including some Americans, hostage.

Additionally, in response to Hamas’ escalation, Israel Defense Forces have initiated a relentless bombardment of airstrikes targeting Hamas leaders and military outposts in the Gaza Strip. Israeli forces have also amassed tens of thousands of troops along its border with Gaza and exchanged fire with Hezbollah terrorists on its border with Lebanon.

While Israel has received substantial support from the White House and members of Congress, rallies held in major cities across the country and on college campuses have condemned Israel for its military actions. Shortly after the Oct. 7 attack, for example, a large rally was held in New York City where protesters held signs in support of ‘Palestinian resistance.’

‘We’re going to liberate Palestine,’ one protester told a group of Israel supporters during the demonstration. ‘We already liberated parts of it already. So get ready to get barbecued.’

In their letter to Garland on Friday, the Republicans highlighted how the DOJ, under his leadership, issued a October 2021 memo warning about parents speaking out at school board meetings. Garland also directed the FBI to work with state, local and tribal law enforcement to address those perceived ‘threats,’ they noted.

‘However, since Hamas’s recent attack on Israel, you have not issued a similar memo about the increase of anti-Semitic violence, the threats of intimidation being made against supporters of Israel, or the public rallies being held in support of a designated Foreign Terrorist Organization,’ they wrote. 

‘Your inaction in the face of these threats is alarming and requires us to ask the following questions to ensure you are being held accountable to the American people and the Constitution you have sworn to uphold.’

The DOJ didn’t immediately respond to a request for comment.

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A House Republican wants to leverage congressional action to make the Biden administration enforce U.S. sanctions on Iran following the devastating terror attacks by Hamas in Israel. 

Rep. Darrell Issa, R-Calif., said that the Biden administration, over the past year, has waived sanctions on Iran which facilitated roughly $50 billion to the country. 

The administration, he said, ‘has systematically underenforced oil sanctions, freed Iranian funds in Iraq, which are now in Oman,’ and notoriously waived sanctions on Sept. 11, to release $6 billion in humanitarian funds as part of a prisoner swap – a move that was heavily scrutinized following the Hamas attacks. 

Issa said his new bill, the No Funds for Iran-Backed Terror Act, will ‘fundamentally alter the direction of U.S. policy toward Iran and finally enforce America’s laws.’ 

‘This comprehensive legislation marks a necessary course correction in American policy to treat Iran not as a strategic partner, but as the enemy they are,’ he said. 

The bill would require the president to enforce existing sanctions on Iranian oil and certify to the Congress that he is doing so, and suspend waiver authority so that the Biden Administration cannot abuse escrow accounts as it did to release the $6 billion from South Korea.

Last week, Fox News Digital reported that the U.S. had made a ‘quiet agreement’ with Qatar to block Iran from accessing that $6 billion in humanitarian aid, after the White House faced mounting scrutiny for days over the deal.

This week, Issa published a joint op-ed published with former National Security Council official Richard Goldberg, calling Hamas ‘Iran’s proxy terror force’ and argued that the administration’s relentless appeasement of Iran is now exposed for the folly it is,’ following the Oct. 7 attack that has killed 1,400 Israelis and over 30 Americans.

‘By the time the administration authorized the much-discussed $6 billion from South Korea, a full-blown appeasement and enrichment effort towards Iran had been underway for months,’ they said.

Issa and Goldberg outlined how a secret trip to Oman by a White House Middle East coordinator in May signaled to Iran that ‘America will pay the Ayatollah’s price to keep Tehran from producing weapons-grade uranium.’

Later in June, Israeli media revealed that Iran would ‘stop the process of enriching uranium to high levels’ in exchange for sanctions relief.

Issa and Goldberg noted that the White House then issued a sanctions waiver to provide Iran with at least $10 billion frozen in Iraq – and allow the money to be deposited in Iranian bank accounts in Oman. The administration would later admit the U.S. ‘had already stopped enforcing oil sanctions on Iran – tacitly approving a million barrel per day increase in exports from Iran to China and generating tens of billions in annualized revenue,’ the authors allege.

The measure was introduced Thursday. Republicans in the House have still yet to come to agreement to elect a new speaker after Rep. Kevin McCarthy was voted out from the post earlier this month. 

The legislation cannot be considered until a new House speaker is elected.

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House Republicans voted via secret ballot Friday afternoon to remove Judiciary Chairman Jim Jordan, R-Ohio, as their speaker nominee, Fox News Digital has confirmed.

House Republicans huddled behind closed doors to figure out a path forward after Jordan lost even more support for his House speaker bid in a third-round House vote earlier Friday.

GOP lawmakers are still in disarray more than two weeks after ex-Speaker Kevin McCarthy, R-Calif., was ousted.

Twenty-five Republicans voted for someone other than Jordan. Three people who had voted for Jordan in previous rounds switched their votes against him: Reps. Brian Fitzpatrick, R-Pa., Marc Molinaro, R-N.Y., and Thomas Kean, R-N.J.

Molinaro told reporters ahead of the vote that he would not be supporting Jordan now.

‘It is not my intention to do so today. That doesn’t mean that I’ve closed the door entirely,’ Molinaro said about voting for Jordan.

‘We had hoped, and I had worked with Congressman Jordan, to try to unify the conference. We are not unified. Opposition is entrenched. There is a level of anger and violence, threats of violence that are unacceptable. The best approach is to go back into our room and try to coalesce around a conservative candidate who can lead not only our conference, but Congress.,’ Molinaro said.

Fitzpatrick told reporters after the vote that he doesn’t see Jordan ‘getting there.’

Kean, who voted for McCarthy on Friday, told Fox News Digital in a statement, ‘For the past nearly three weeks, my number one priority has always been getting Congress moving again to do the work of the American people. With great respect, it has become evident that Chairman Jordan does not and will not have the votes to become Speaker.’

‘It is clear we need a conservative leader to helm the conference in this crucial time,’ he said.

Jordan himself was projecting confidence on the way to the House GOP meeting, telling reporters, ‘You guys said we’re going to lose 15-30. You know, we lost of a couple, and we had a few people missing.’

Meanwhile, Jordan also appears poised to lose at least one more supporter if he goes to the floor again Friday. 

Rep. Troy Nehls, R-Texas, who has been voting for Jordan, told reporters after the vote that he intends to vote for former President Donald Trump to be speaker in the next round — if one happens.

‘We got the number two most popular Republican in our country, and we don’t want him — we, meaning collectively, us as a conference,’ Nehls said. ‘So my fourth vote now, this is three, my fourth vote is for Donald J. Trump. I’m moving to Donald J. Trump.’

Fox News’ Chad Pergram and Kelly Phares contributed to this report

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