Article I, Section 2 of the Constitution states: "The House of Representatives shall chuse their Speaker and other Officers." The Speaker is elected by roll call vote when each new House first convenes. Customarily, the conference of each major party nominates a candidate whose name is placed in nomination. Although the Constitution does not require the Speaker to be a member of the House, all Speakers have been members. Members normally vote for the candidate of their own party conference, but could vote for any individual, whether nominated or not. To be elected, a candidate must receive an absolute majority of votes cast, which may be less than a majority of full membership of the House, because of absentees of Members voting "present." If no candidate receives the requisite majority, the roll call is repeated until a Speaker is elected.
My 2¢:
I think he did a good job. The debt limit is a trap and it was intentionally set to divide the GOP.
On to 2012...