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2:13 a.m. ET, January 7, 2023

McCarthy: "Now the hard work begins"

McCarthy addresses the U.S. House of Representatives for the first time after being elected Speaker, (Evelyn Hockstein

In his first speech as House speaker, Kevin McCarthy told his colleagues, "Now the hard work begins."

"What we do here today, next week, next month, next year, will set the tone for everything that follows," he added.

McCarthy also used the remarks to "talk directly to the American people."

"As speaker of the House, my ultimate responsibility is not to my party, my conference, or even our Congress," McCarthy said. "My responsibility, our responsibility, is to our country."

CNN previously reported that McCarthy denied that Rep. Matt Gaetz was offered chairmanship of a subcommittee in exchange for his "present" vote on speaker that ultimately helped him secure victory.

“No one gets promised anything,” McCarthy said.

1:40 a.m. ET, January 7, 2023

McCarthy pledges House will address "the rise of the Chinese communist party"

McCarthy speaks to the 118th Congress. (Alex Brandon/AP)

Speaker-elect Kevin McCarthy said the new House of Representatives wants the US to win the economic competition with China, referring to the country as the "Chinese Community Party."

In his first remarks as speaker early Saturday morning, McCarthy said, "We'll also address America's long-term challenges, the debt and the rise of the Chinese communist party."

He added:

"As for the Chinese communist party, we will create a bipartisan select committee on China to investigate how to bring back the hundreds of thousands of jobs that went to China, and then we will win this economic competition."

1:27 a.m. ET, January 7, 2023

McCarthy: "I never thought we'd get up here"

McCarthy celebrates with the gavel after being elected. (Win McNamee/Getty Images)

GOP Rep. Kevin McCarthy opened his first speech as newly elected House speaker with a nod to the many rounds of voting to secure the victory.

"That was easy, huh?" he joked. "I never thought we'd get up here."

After weeks of negotiating and days of deadlock, it took 15 rounds of voting for McCarthy to secure enough votes from GOP hardliners.

2:09 a.m. ET, January 7, 2023

In pictures: The tense final hours leading to McCarthy's election

From CNN Digital's Photo Team

After 15 rounds of voting held over five days, Republican leader Kevin McCarthy has been elected speaker of the US House of Representatives.

The deciding vote started Friday night and ended early Saturday morning. It also came after a dramatic failed ballot where McCarthy came up one vote short and confronted US Rep. Matt Gaetz on the House floor.

See all the photos from the speaker stalemate this past week.

Republican leader Kevin McCarthy gives a thumbs-up after being elected speaker of the House of Representatives on Saturday. (Win McNamee/Getty Images)

US Rep. Bryan Steil, a Republican from Wisconsin, holds up the tally sheet after the deciding vote. (Andrew Harnik/AP)

McCarthy holds a voting card in the air during a motion to adjourn that started after the 14th failed speakership vote. The House did not adjourn, and McCarthy was elected on the 15th vote. (Andrew Harnik/AP)

McCarthy speaks to US Rep. Matt Gaetz on Friday night. McCarthy confronted Gaetz over his "present" vote on the failed 14th ballot. (Olivier Douliery/AFP/Getty Images)

Gaetz points at McCarthy after McCarthy confronted him. (Alex Brandon/AP)

US Rep. Richard Hudson pulls back Rep. Mike Rogers during McCarthy's tense exchange with Gaetz. (Andrew Harnik/AP)

McCarthy reacts after losing the 14th vote. (Alex Brandon/AP)

US Rep. Marjorie Taylor-Greene holds a phone with the initials "DT" on the screen on Friday night. (Chip Somodevilla/Getty Images)

1:15 a.m. ET, January 7, 2023

House won't vote on rules package tonight, source says

From CNN's Manu Raju

The House won’t vote on a rules package tonight, according to a congressional aide.

CNN previously reported during the 15th round of voting that it was uncertain whether the chamber will vote on a package tonight.

The chamber may come back Monday to pass the package.

Without an approved House Rules package by the end of business on Jan. 13, committees won’t be able to pay staff.

1:06 a.m. ET, January 7, 2023

Sen. Schumer says concessions made by McCarthy "will cause a government shutdown or a default"

From CNN's Ted Barrett

Senate Majority Leader Chuck Schumer warned that the concessions Rep. Kevin McCarthy made to become House speaker “will cause a government shutdown or a default with devastating consequences to our country.”

“Speaker Kevin McCarthy’s dream job could turn into a nightmare for the American people," Schumer said in a statement following McCarthy's win. "To get the votes, he surrendered to demands of a fringe element of the Republican party."

Read the list of key concessions and promises McCarthy and his allies have made over the course of the negotiations here.

1:00 a.m. ET, January 7, 2023

Biden congratulates McCarthy on speakership, says he's prepared to work with Republicans

President Joe Biden issued a statement congratulating Speaker-elect Kevin McCarthy on his win.

In his statement, the president said:

“Jill and I congratulate Kevin McCarthy on his election as Speaker of the House. As I said after the midterms, I am prepared to work with Republicans when I can and voters made clear that they expect Republicans to be prepared to work with me as well. Now that the leadership of the House of Representatives has been decided it is time for that process to begin.”

1:00 a.m. ET, January 7, 2023

Trump congratulates McCarthy after speaking to Gaetz ahead of the final vote

From CNN's Kaitlan Collins

Donald Trump is weighing in now that Kevin McCarthy has been elected.

"The 'Speaker' selection process, as crazy as it may seem, has made it all much bigger and more important than if done the more conventional way. Congratulations to Kevin McCarthy and our GREAT Republican Party!" Trump wrote on Truth Social.

The post comes after the former president made some last-minute calls and spoke to Reps. Andy Biggs and Matt Gaetz while they were on the House floor, a source told CNN.

He called after it appeared Rep. Kevin McCarthy was not going to secure the speakership.

1:07 a.m. ET, January 7, 2023

Hakeem Jeffries makes history as first Black lawmaker to lead a party in Congress

From CNN's Shawna Mizelle

Jeffries speaks in the House chamber. (Alex Brandon/AP)

Rep. Hakeem Jeffries has just made history, becoming the first Black lawmaker to lead a party in Congress.

The New York congressman will lead Democrats in the House, succeeding Nancy Pelosi, who served as speaker in the prior session of Congress. In addition to being the first Black lawmaker to attain such a position, he is also the first leader of the House Democrats to be born after the end of World War II.

Jeffries, at 52, marks the end of an era – and the start of a new one – for Democrats as he takes up his new position.

House Democrats selected Jeffries to helm their party during a closed-door election in November. He ran unopposed. Now, Jeffries will be at the forefront of the House Democratic minority for the next two years with Republicans holding a slim majority in the chamber.

"I just look forward to the opportunity to do the most good for the greatest number of people possible for as long as I have the opportunity to do so and can operate at the highest level," he previously told CNN.

His rise in leadership came after Pelosi, House Majority Leader Steny Hoyer and House Majority Whip Jim Clyburn announced they would be stepping down from their current leadership positions. Pelosi was designated “Speaker Emerita” in a unanimous vote by the House Democratic Steering and Policy Committee on Nov. 29.

Rep. Kevin McCarthy wins House speakership