🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

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

Published 11/13/2024, 02:22 PM
Updated 11/14/2024, 01:25 AM
© 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

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.