Democrats are projected to flip control of the House in Tuesday’s midterm elections, setting up the first real check on President Donald Trump’s power in Washington since he returned to the White House two years ago.
Republicans struggled to create distance between themselves and the president, whose approval ratings plunged to all-time lows in the weeks leading up to the election as he urged supporters to vote as if he were on the ballot. The uncertainty cast by a divided government in Washington caused investors to pull back from riskier assets. US equity futures extended losses and the dollar dropped, while Treasuries were boosted as investors shifted into havens. James Talarico of Texas was projected to defeat Republican Ken Paxton in the state’s hotly contested Senate race, becoming the first Democrat to win a statewide election there in roughly three decades. Trump’s feud with longtime Senator John Cornyn resulted in his GOP primary defeat at the hands of Paxton, whom many considered to be the weaker general election candidate. Darline Graham had filled the seat on a temporary basis, but Trump urged her to seek a full term. Democrat Roy Cooper, the former governor of North Carolina, prevailed over Republican Michael Whatley, the Associated Press and NBC News projected. Senator Jon Ossoff of Georgia and Chris Pappas of New Hampshire were also projected to win their races. Still, Democrats must hold seats in Michigan and Minnesota to maintain their chances of taking the Senate. Still, the election will hand Democrats powerful investigative tools, which they’re expected to train on the president and his administration, family and business interests. That includes the authority to issue subpoenas — and to undertake impeachment proceedings.
Democrat Annie Andrews was also projected to pull off a stunning victory in deep red South Carolina, according to Decision Desk HQ, defeating Darline Graham, the brother of the late Senator Lindsey Graham.
The business world is already bracing for an onslaught of investigations, as Democrats are expected to single out private sector players seen as cozying up to the Trump administration for any signs of special treatment, from contract wins to merger and acquisition approvals. Deals struck with the president’s business interests and family as well as donations to his pet projects, including construction of a new White House ballroom, are among expected targets.
