Great Britain's decision to leave the European Union is the second major blow to President Barack Obama —and his legacy —in as many days.The country's historic referendum decision, which brought the resignation —effective in October —of U.K. Prime Minister David Cameron was made official one day after the Supreme Court left Obama's immigration executive order frozen in perpetuity.On Thursday, Obama pinned much of the blame for the high court's 4-4 split decision on Senate Republican's unwillingness to confirm his Supreme Court nominee, Merrick Garland, and on House Republicans for blocking a Senate-passed bipartisan immigration overhaul bill in 2013.But he cannot blame them for the British EU exit, known as "Brexit."During a visit to London in April, Obama did not mince words about his opposition to an EU exit. Speaking beside Cameron, the U.S. president delivered a forceful case that Britain as an EU member is stronger on the continent and across the globe.
The shock waves of the decision by British voters to leave the European Union began almost immediately after the polling booths closed Thursday night. The British pound plummeted against the dollar, the Dow tanked , and experts predicted years of uncertainty in the United Kingdom and Europe. Here are five immediate takeaways.
1. Economic instability : Economic forecasts predicted a prolonged recession in Europe and the United Kingdom after a Brexit vote. Sebastian Mallaby, a senior fellow at the Council on Foreign Relations, explained why in an op-ed published last week in The Washington Post: British regulations, derived from EU rules, will have to be rewritten wholesale. Nobody will know for some time what will happen with Britain's commercial relationships with its trading partners or its membership in the EU single market. Global businesses based in London will begin considering whether they should move, triggering a potential real estate bust — and anyone who lived through the 2008 recession knows what that would mean for consumer spending.
"Most people, including many disaffected Britons who want to shake up the system by backing a Brexit, understand that this would mean a political and economic shock," he wrote. "But they underestimate its severity."
2. Unrest in the U.K. and other EU countries : Scotland's first minister Nicola Sturgeon said a second independence referendum was, "highly likely." A wave of similar calls for independence are expected throughout the U.K. and other European Union countries, starting with Northern Ireland and spreading to such places as Denmark that have refused to adopt the euro.
A majority of voters in all 32 council areas in Scotland voted "remain," i.e. to stay within the EU, according to the BBC.
Republicans begged, cajoled, and pleaded with Marco Rubio to change his mind and run for re-election.That the Florida senator actually agreed to do so is a stunning coup for the party. It also means the GOP’s chances of winning Rubio’s seat might still be no better than a toss-up.Rubio ended weeks of speculation Wednesday when he announced he would try to return to the Senate in 2017. Republicans will tout the decision as one that could save their embattled majority, which can afford to lose a net of at most five seats in a year chalk full of blue-state GOP incumbents.They might be right: Leading party strategists had publicly ridiculed the field of would-be Rubio replacements in Florida, convinced none of them could win a big-state seat in a tough environment. Rubio’s considerable political chops and national fundraising network at least guarantee the party a fighting chance.Fresh poll data released Wednesday, just hours before word of Rubio’s return leaked, also shows him leading either of his two Democratic opponents by a healthy margin.
11:25 a.m.: Rep. John Lewis, D-Ga., gives a thundering speech about the need for the House to take action on gun violence before going on recess. "We have lost hundreds of thousands of innocent people to gun violence….What has this body done? Mr. Speaker, not one thing."
Democrats begin chanting “No Bill, No Break.” Republicans called the chamber into recess, and the cameras were shut down.
Noon: Rep. Ted Poe, R-Texas, gaveled the session open again, but after a prayer and a defiant recitation of the pledge of allegiance, Democrats began chanting again. He quickly gaveled the session closed.
Democratic Whip Steny Hoyer and Minority Leader Nancy Pelosi speak to members gathered on the floor. At some point House Majority Leader Kevin McCarthy comes by to talk to Hoyer.
“He asked me what will it take to move on with the other business we have before us?” Hoyer recalled.
Show Notes:"This is the House equivalent of a filibuster because enough is enough," @RepAdamSchiff says during sit-in calling for action on guns @CQnow — Kellie Mejdrich (@kelmej) June 22, 2016.@BernieSanders greeted with a roar of cheers on the House floor, shaking hands and smiling in response @CQnow — Kellie Mejdrich (@kelmej) June 22, 2016Democratic lawmakers violated House rules Wednesday, tweetingphotographs and videos of the sit-in fromthe House floor: The time is always right to do right. Our time is now. #goodtrouble #NOMORESILENCE pic.twitter.com/BYeDz9c8VF — John Lewis (@repjohnlewis) June 22, 2016The House will NOT be in order. We want a vote #NoBillNoBreak pic.twitter.com/8adI2GAJQp — Rep. John Larson (@RepJohnLarson) June 22, 2016 I'm in the House chamber showing solidarity w #NoBillNoBreak. Truly amazing moment. Truly amazing last week. pic.twitter.com/XBSCUkH5BR — Chris Murphy (@ChrisMurphyCT) June 22, 2016