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To avoid what could be catastrophic economically. >> it absolutely could be. phil, for a lot of our viewers watching at home, this feels like pretty far away, a lot of inside baseball. obviously, you and i cover the ins and house of these political soap operas all the time. let's remind people what's at stake here. this is the first step in building a relationship that will ultimately determine whether or not our economy, frankly, is able to maintain the soft landing we've been seeing or hit something more more difficult. >> i think this is a really good point. this has become a political soap...

Right now, members of the rnc are getting ready to vote on a leader. the current chairwoman is seeking a rare fourth term, but faces a three-way race. jeff zeleny joins us now from southern california. jeff, how is it looking there? >> reporter: well, the voting is underway right now in this room here behind me. they're about midway through the alphabet of states. they're in louisiana right now, and they are calling each state up to the front here, and it's done by a secret ballot. the stakes of this inside baseball campaign are significant. ronna mcdaniel has been leading the rnc. she was the...

Tl/dr. too long. didn't read. and all of the speaker drama, and the 21 gop holdouts had some big asks for kevin mccarthy, more influence they wanted on congressional committees, before they vote to help get in the speaker's gavel. those are the committees that are going to be setting the gop's agenda for the next two years. executing on the gop's agenda. and not everyone holdout got exactly what they asked for from now speaker mccarthy. let's bring in nbc news capitol hill correspondent ali vitali. when whee know about these assignments, and what clue does they give us about what is going to h...

If we pull back the curtain here a little bit in the so-called three amigos summit. last year was the first one in years with a hiatus during the trump administration and all about restoring relationships and today i'm told, and tomorrow, we'll focus more on actual tangible deliverables on things these countries can hopefully do together. hallie? >> monica alba in mexico city. thank you. we are talking more about the story later on in the show. let's talk about what is going down in the building, just near where i am here, a couple hours away from another test of house republicans unity, tha...

And they have some random complaints about the rules, and this inside baseball personal dislikes of him, but no big animated issue bringing this about. it's just a bunch of people that want to see the world burn and they will continue to do that for as long as it interests them. >> we entered this day with a lot of uncertainty. what are you going to be watching for in the next few hours and in the next few minutes? >> once the voting starts, the difference between the first vote and second vote will tell us a lot. there's a lot of never mccarthy votes with the caveat of i will vote against him...