In the U.S. presidential election, Republicans were the first to gain control of the U.S. Senate, giving them significant influence in the high-stakes battles over taxes and spending, as well as final decision-making power on the next president's executive and judicial nominations.
It is reported that wealthy former American car dealer and far-right Republican Bernie Moreno defeated three-term Ohio Democratic Senator Sherrod Brown, giving the Republican Party enough seats to control the U.S. Senate.
The Associated Press predicts that Republican control of the Senate could crush progressive hopes for significantly increasing the U.S. tax burden and taxing corporations and the wealthy, as trillions in provisions from the 2017 tax law are set to expire at the end of next year.
The prospect of Trump winning the presidential election is growing, triggering a sharp sell-off in the bond market as traders speculate that his tax cuts and tariff policies would exacerbate inflationary pressures and keep federal funds rates high.
Any new tax legislation needs to be approved by the Republican-controlled Senate, but how to handle the expiration of tax cuts still depends on which party controls the presidency and the U.S. House of Representatives.
The Democrats even had a slim majority in the Senate in this election, and due to the six-year term for senators, only a third of the senators faced re-election this time.
However, hopes for unexpected Democratic victories in Texas and Florida quickly faded as Republican incumbents Ted Cruz and Rick Scott successfully secured re-election. Nevertheless, Democrats managed to fend off the challenge from Republican Larry Hogan in Maryland, with Democrat Angela Alsobrooks winning.
Republicans condemned Democrats during the campaign for the rising cost of living and illegal immigration during President Biden's term. The Senate was crucial in passing Biden's agenda during the first two years of the Biden administration, which included trillions in stimulus spending and investments in semiconductor manufacturing, infrastructure, and his signature climate legislation.
Republicans stated that they plan to cut Biden's climate legislation, eliminate regulations on energy production, strengthen the U.S.-Mexico border, and extend Trump's 2017 tax cuts.
However, the party has serious divisions over budget and foreign policy issues, including funding for Ukraine. These divisions, along with the Senate's obstruction rules (which require 60 votes to pass most legislation) will necessitate cooperation between Republicans and Democrats.
McConnell has set the record for the longest tenure as Senate party leader and has announced he will resign from leadership. The most likely candidates among Republicans to succeed him include McConnell's second-in-command, John Thune from South Dakota, and John Cornyn from Texas.
However, both of these individuals had criticized Trump and supported aid to Ukraine, leaving room for Trump to support other potential challengers, such as Florida's Scott.
Currently, control of the White House and the U.S. House of Representatives remains unpredictable, but the famous election forecaster - the New York Times' 'Election Forecast Pointer' shows that as of 1:01 PM Beijing time, Trump's chances of winning the 2024 U.S. election have risen to 90%, with the potential to secure 301 electoral votes. According to U.S. election rules, a candidate only needs to obtain 270 electoral votes to win.
Article reprinted from: Jinshi Data