Economic news

Republicans win majority of US House seats in government sweep, Edison projects

2024.11.13 19:47

By Richard Cowan

WASHINGTON (Reuters) – President-elect Donald Trump’s Republican Party will control both houses of Congress when he takes office in January, Edison Research projected on Wednesday, enabling him to push an agenda of slashing taxes and shrinking the federal government.

Republicans will have at least the 218 votes needed to control the 435-seat House of Representatives, Edison projected, with nine races yet to be called. They have had already secured a U.S. Senate majority of at least 52-48 with one race uncalled after the Nov. 5 election.

During his first presidential term in 2017-2021, Trump’s biggest achievement was sweeping tax cuts that are due to expire next year.

That legislation and Democratic President Joe Biden’s signature $1 trillion infrastructure law both came during periods when their parties controlled both chambers of Congress.

By contrast, during the past two years of divided government, Biden has had little success in passing legislation and Congress has struggled to perform its most basic function of providing the money needed to keep the government open.

The thin Republican House majority has been fractious, tossing out its first speaker, Kevin McCarthy, and routinely bucking his successor Speaker Mike Johnson.

Trump’s grip on the party and particularly its raucous hardliners has been far firmer – as evidenced by his success earlier this year killing a bipartisan deal that would have sharply stepped up border security.

His power will also be backed by a Supreme Court with a 6-3 conservative majority that includes three justices he appointed.

More immediately, the Republicans’ victory is certain to influence the House’s post-election “lame duck” session.

© Reuters. FILE PHOTO: A view of the U.S. Capitol, following the U.S. Supreme Court ruling on former U.S. President and Republican presidential candidate Donald Trump's bid for immunity from federal prosecution for 2020 election subversion in Washington, U.S., July 1, 2024. REUTERS/Kevin Mohatt/File Photo

The current Congress faces end-of-year deadlines for funding the government to avoid shutdowns at Christmas and extending Washington’s borrowing authority to avoid an historic debt default.

One possible scenario is passing temporary patches to give the incoming Trump administration a say on these two controversial items when it assumes power from the Biden administration on Jan. 20. The new Congress convenes on Jan. 3.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 90,789.33 1.71%
ethereum
Ethereum (ETH) $ 3,177.66 1.39%
tether
Tether (USDT) $ 1.00 0.16%
solana
Solana (SOL) $ 215.19 0.89%
bnb
BNB (BNB) $ 631.86 1.79%
dogecoin
Dogecoin (DOGE) $ 0.403323 1.12%
xrp
XRP (XRP) $ 0.728085 3.53%
usd-coin
USDC (USDC) $ 0.999691 0.03%
staked-ether
Lido Staked Ether (STETH) $ 3,173.77 1.38%
cardano
Cardano (ADA) $ 0.565398 0.33%
tron
TRON (TRX) $ 0.182322 1.91%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 0.02%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,763.89 0.77%
the-open-network
Toncoin (TON) $ 5.33 1.12%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 90,483.24 1.96%
avalanche-2
Avalanche (AVAX) $ 32.52 2.52%
sui
Sui (SUI) $ 3.32 3.35%
weth
WETH (WETH) $ 3,178.55 1.27%
pepe
Pepe (PEPE) $ 0.000021 31.25%
bitcoin-cash
Bitcoin Cash (BCH) $ 433.35 2.58%
chainlink
Chainlink (LINK) $ 13.41 3.19%
polkadot
Polkadot (DOT) $ 4.98 4.31%
leo-token
LEO Token (LEO) $ 7.48 1.49%
near
NEAR Protocol (NEAR) $ 5.29 2.20%
aptos
Aptos (APT) $ 11.66 6.92%
litecoin
Litecoin (LTC) $ 80.78 7.75%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,335.91 1.55%
usds
USDS (USDS) $ 1.00 0.48%
uniswap
Uniswap (UNI) $ 8.45 2.79%
crypto-com-chain
Cronos (CRO) $ 0.159037 8.89%
dogwifcoin
dogwifhat (WIF) $ 4.03 26.18%
internet-computer
Internet Computer (ICP) $ 8.34 1.24%
bittensor
Bittensor (TAO) $ 512.54 9.22%
stellar
Stellar (XLM) $ 0.125429 1.31%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.27 4.35%
ethereum-classic
Ethereum Classic (ETC) $ 22.25 0.10%
dai
Dai (DAI) $ 0.999784 0.06%
whitebit
WhiteBIT Coin (WBT) $ 22.28 1.74%
kaspa
Kaspa (KAS) $ 0.126259 5.34%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.01%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.372668 3.02%
blockstack
Stacks (STX) $ 1.92 2.05%
bonk
Bonk (BONK) $ 0.000039 2.69%
render-token
Render (RENDER) $ 6.94 2.67%
monero
Monero (XMR) $ 146.63 3.01%
okb
OKB (OKB) $ 43.92 0.55%
aave
Aave (AAVE) $ 169.03 5.71%
mantle
Mantle (MNT) $ 0.737375 4.04%
injective-protocol
Injective (INJ) $ 24.63 0.20%
arbitrum
Arbitrum (ARB) $ 0.605517 0.44%