GOP Makes Gains in House While Senate Fight Is Too Close to Call

Bloomberg2022-11-09

Democrats face historical headwinds, fears of inflationRepublicans favored to take at least one chamber of CongressRepublicans made gains in their drive to take control of Congress in a US election ...

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Rookie22
2022-11-09
Rookie22
Dem or Rep better for stock market ???

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GOP candidates expanded their representation in the House by winning three seats that had been held by Democrats as well as another created in redistricting.In a positive sign for Democrats, Pennsylvania Democratic Senate candidate John Fetterman was leading Republican Mehmet Oz in early returns. But incumbent Georgia Senator Raphael Warnock was narrowly trailing GOP candidate Herschel Walker. Both races have been bitterly fought and are key to determining which party will control the Senate.In another closely watched contest, JD Vance defeated Democrat Tim Ryan to keep an Ohio Senate seat in Republican hands.While Republicans are still projected to gain a House majority, several bellwether races suggested GOP gains may be limited.Virginia had three races featuring Democratic incumbents considered indicators for the election. Democratic incumbents Abigail Spanberger and Jennifer Wexton were projected to win re-election. But Representative Elaine Luria was projected to lose to GOP challenger Jen Kiggans. All three women were elected as part of a Democratic wave in 2018 and were targeted by Republicans.All 435 House seats are one the ballot, and Republicans need to net just five to gain the majority. There are 35 seats at stake in the evenly divided Senate, and control will come down to who prevails in Pennsylvania, Georgia and other closely contested races. Thirty-six states also have contests for governor.There were sporadic reports of voting glitches, including isolated cyber attacks, though none caused major disruptions. Arizona Republicans seized on technical problems with ballot tabulation machines in the state’s largest county to make unsubstantiated claims about the validity of Tuesday’s elections, signaling a contentious aftermath for the 2022 midterms.President Joe Biden’s party is trying to buck history by holding onto their razor thin congressional majorities with the president’s remaining legislative agenda hanging in the balance.GOP majorities in one or both congressional chambers would end unified Democratic control in Washington and lead to intensified partisan battles and policy gridlock. The Biden administration would face an onslaught of investigations from subpoena-wielding Republican committee chairs in the House.Democrats’ hopes for tax increases on the wealthy and corporations would be dashed should Republicans take at least one chamber. Prospects diminish for antitrust legislation aimed at big tech companies or a windfall profits tax on oil companies. Government shutdowns and a standoff over a US debt default also grow more likely.And Republican control of the Senate would give the party a veto over Biden’s nominations to fill top jobs at agencies and in the federal judiciary.Democrats were already beginning to assess their losses.“We have to plan for 2024 differently than what took place in 2022,” South Carolina Representative James Clyburn, the third-ranking House Democrat, told CBS. “Now does that mean bringing in new people? Does that mean reassigning roles? I don’t know. I just think that people ought to just be honest with their assessments.”The outcome of the midterms, which for much of the summer and early fall seemed remarkably close, will hinge on Americans’ frustration over the rising cost of living and worries about the slowing economy. Democrats all along faced an uphill battle given widespread public discontent -- two-thirds of Americans think the country is on the wrong track -- and voters’ historical tendency to punish the president’s party in midterm elections.Democrats took the lead in national polls and some key Senate races during the summer after a Supreme Court decision ended a national right to abortion access galvanized Democrats and independents, declining gasoline prices eased pressure on consumers and several prominent Republican Senate nominees struggled with controversies over extreme views or personal scandals.But polls showed voters breaking toward Republicans in the final weeks of the campaign as the GOP hammered away at Democrats’ management of the economy, stoked fears of rising crime and decried a surge of undocumented immigrants at the border. Democrats’ problems were compounded by underwhelming debate performances by John Fetterman and US Senator Raphael Warnock, Senate candidates in Pennsylvania and Georgia, both critical contests.The declines in gasoline prices stopped by mid-September. Annual inflation rates, while down from a 9.1% peak in June, remained near a four-decade high at 8.2% in September.At the same time, the Federal Reserve’s campaign of interest-rate hikes, launched to bring inflation under control, began to bite into the economy. After rising for three months, consumer confidence dipped in October. More companies announced hiring freezes and layoffs. The housing market ground to a near-halt as 30-year mortgage rates soared above 7%.Fears of an imminent recession are also rising, with private forecasters on average seeing a 60% probability within a year.Democrats struggled to deliver a consistent message on the economy. At times, they promoted consumer cost savings on prescription drugs and health insurance from Biden’s Inflation Reduction Act, pounded away at oil company profiteering with threats of a windfall profits tax and seized on statements from some GOP leaders threatening to cut Social Security and Medicare benefits.Biden closed the cycle with an address warning of the danger posed to democracy by a slew of Republican congressional candidates who deny the 2020 presidential election outcome and urged Americans to reject Donald Trump’s “big lie” refusing to recognize the defeat. He drew a direct line from last year’s Capitol insurrection by Trump supporters to a hammer-wielding assailant’s attack just before the midterms on House Speaker Nancy Pelosi’s 82-year-old husband.Meanwhile, Trump all but confirmed at an Ohio rally on Monday that he will be announcing a third White House bid Nov. 15 at his Mar-a-Lago estate.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9987456858,"gmtCreate":1667971484374,"gmtModify":1676537992684,"author":{"id":"3575290973507485","authorId":"3575290973507485","authorIdStr":"3575290973507485","name":"Rookie22","avatar":"https://static.tigerbbs.com/c6852efd5f87d9ecf7965e213c38ac97","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":3,"crmLevelSwitch":1,"idStr":"3575290973507485"},"htmlText":"Dem or Rep better for stock market ???&nbsp;","listText":"Dem or Rep better for stock market ???&nbsp;","text":"Dem or Rep better for stock market ???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9987456858","repostId":1142190021,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":41,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1142190021"}