Will The Federal Government Shut Down Because Of John Boehner's Resignation? Conservatives Celebrate Victory

Conservatives hailed a victory, political leaders offered their praises and the market largely shrugged as news spread Friday that House Speaker John Boehner, R-Ohio, would resign at the end of October. Boehner, the most powerful Republican in the U.S. House, refused to answer questions from the media Friday about his looming resignation, but his departure comes after years of battling the right wing of his own party.

"I saw him recently and he looked weary. Understandably, he was tired," Sen. John McCain, R-Ariz., told reporters. "Sometimes we fail to appreciate that these are human beings with human emotions and lives to lead."

It's unclear if Boehner's decision will make the threat of a government shutdown next week amid a dispute over federal funding for Planned Parenthood more likely. Treasury bill yields briefly soared Friday after reports of Boehner's resignation, reflecting concerns about a government shutdown, said Larry McDonald, head of U.S. strategy with Societe Generale's macro group. "You'll have the debt ceiling, the continuing resolution and the December Federal Reserve meeting all within one week," McDonald told CNBC. "That means Treasury bills that mature in December are in some jeopardy."

Conservatives who have long attacked Boehner's efforts to work across the aisle with Democrats and President Barack Obama were ecstatic over the news. "Credit goes to our awesome community of liberty-loving activists!" tweeted FreedomWorks, a group allied with the tea party movement.

House Minority Leader Nancy Pelosi, D-Calif., called Boehner's resignation a failure from conservatives who want to shut down the government over Planned Parenthood funding because of its abortion services. She also described his resignation as "seismic to the House."

Boehner grew up in Cincinnati and served in the U.S. Navy in 1969. He was a small businessman before he was elected to Congress.