If you had any hopes that Congress would have big accomplishments on gun control or other key issues this year, they probably have been dashed by the formal impeachment effort that was launched Tuesday by House Speaker Nancy Pelosi, according to one analyst.

“The impeachment inquiry is likely to either delay, complicate or sink the remainder of the legislative agenda,” said Isaac Boltansky, director of policy research for Compass Point Research & Trading, in a note Wednesday.

“Notably, however, the odds of this Congress securing numerous legislative victories in advance of the [2020] election were already laughably low.”

Boltansky said a push to replace the North American Free Trade Agreement and legislation aimed at lowering drug prices both now face a tougher route to passage, adding that the Nafta replacement, known as the U.S.-Mexico-Canada Agreement, or USMCA, probably has a better shot.

“Other legislative efforts — gun legislation, GSE reform and infrastructure — were already effectively dead and this development will not change that fact,” he said. GSE reform refers to a housing-finance revamp involving government-sponsored enterprises Fannie Mae FNMA, -0.78%  and Freddie Mac FMCC, -0.55%  .

Read more: Trump’s bid to replace Nafta might get caught in crossfire of impeachment inquiry

And see: Pelosi’s impeachment inquiry into Trump could derail her drug-pricing bill

During a news conference on Wednesday morning featuring top House Republicans, Louisiana GOP Rep. Steve Scalise framed Pelosi’s impeachment effort against President Donald Trump as a move that’s preventing action on USMCA and pharmaceutical prices.

“Those bills could be signed into law today, creating new jobs and lowering drug prices for Americans, but instead Nancy Pelosi is wasting her speakership trying to undo the results of the 2016 election by impeaching the president with no basis,” said Scalise, the minority whip.

Opinion: A few small cracks appear in Trump’s solid Republican support

Also read: Why Trump’s coming impeachment and Clinton’s are entirely different

U.S. stocks SPX, +0.14% DJIA, +0.46%  on Wednesday were trading higher. That’s after the market closed lower Tuesday, extending losses as Pelosi revealed the impeachment push was coming.

See: Why Trump impeachment threat is rattling stock-market investors

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