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Republicans are once again staring down House speaker drama. Here’s what’s at stake.

House Republicans could soon experience some serious déjà vu. On Friday, January 3, the newly elected Congress will convene for the first time and vote for a House speaker. Like last term — when it took 15 rounds for former GOP Speaker Kevin McCarthy to be elected — this contest could well be chaotic due to Republicans’ narrow majority and conservative opposition to current Speaker Mike Johnson, who is again his party’s candidate for the job. At...