US Midterm Election results will determine the 118th United States Congress
The United States of America is encountering yet another bristling election since 2020. Last time, the US presidential elections had swept the power to the Democrats with Joe Biden as the chauffeur of the chariot. Washington is experiencing candidates of small and large positions buckle up for the midterm election results since Tuesday, November 8, 2022.
With exit polls slowing closing, early results indicate that more than two-thirds of voters for the House of Representatives candidates do not want President Biden to run for re-election in 2024.
Biden had, on election eve, made final appeals to protect Democracy by restricting the Republicans in the polls as, the contrary, holds the potential of toppling the ruling class. “The power’s in your hands,” he told Democrats. “So vote, get out and vote,” he requested. Donald Trump’s Republicans have been expecting partial control of Congress, with Trump bidding the intention to re-run for a 2024 White House comeback during his rally on Monday.
The results of this election will determine the 118th United States Congress. Preliminary results showcased that Democratic candidates’ performance was experiencing historic headwinds. Candidates supported by the 45th US President Donald Trump, or candidates who had denied and questioned the results of the 2020 presidential elections, were underperforming incomparably.
As of now, the House of Representative results stands at 192 for the Democrats and 211 for the Republican party. 403 of 435 seats up for election have been called so far. Either party needs 218 seats for a majority. The US Senate results showcase 46 seats in the account of the Democrats and 48 for the Republicans. There is definitely an ongoing tug of war here as either of the parties has to bag 51 seats for a majority. 31 out of 35 seats up for Senate race have been called so far. Several races are too close to call within a span of a few waking hours. Currently, 33 out of 36 seats in the Governor’s race have been called with 23 seats for the Democrats and 24 for the Republicans.
US Midterms: The Key Drivers for this Horse Race
The US has been the scene of numerous sociopolitical issues in the past two years, currently being an inflationary hotspot with CPI rates hitting a 40-year high adding to fluctuating gas prices and the pandemic dragging into the third year. Immigration figures are growing with each passing day. Concerns about climate change are rapidly developing in the country, and the Republican party has been very critical in the Biden administration’s handling of these issues.
Biden’s Democrat party has focused their campaigns predominantly on the issue of abortion rights after the Supreme Court overturned the landmark Roe vs. Wade decision, withdrawing the fundamental right to abortion. They advocated that Democracy lies on the ballot this time, given this is the first major election following the attack on the US Capitol on January 6, 2022.
It is a game-on by the Republicans in multiple tight swing states like Pennsylvania, a crucial ground in deciding control over the Senate, which is currently split 50-50.
Trump has reinstated himself front and center in the ongoing election bringing in more than 200 endorsements from election conspiracy theorists and far-right candidates. He, however, remains a liability for his party with an ongoing civil investigation of his family finances, among other things.
The Investor Market Topsy-Turvy:
Wall Street and European stocks have declined after consistent 7-week highs as investors await the result of the elections. Experts say that when a Democrat resides in the White House with a split government, stock markets fare better. Investors are also awaiting data on consumer prices that have the potential to alter the Fed’s policy on interest rates.
S&P 500 fell by 2.1%, and Nasdaq Composite slid by 2.5% on Wednesday. The dollar index strengthened by 0.8%.
Midterm Elections, a Realpolitik Overview:
US midterm elections are general elections held for officials at federal, state, and local levels near or at the midpoint of a president’s four-year term of office. US voters, every two years, decide who shall hold the majority in both chambers of Congress in addition to being a decider on if the president gets to pass new policies. In this midterm election, 435 House of Representative seats and 35 Senate seats are up for grabs.
