Georgia Senate Runoff – Election Race
After Election Day, or Election Week finished, there was still one race to be decided: the Georgia Senate race between incumbent Democrat Raphael Warnock and Republican Herschel Walker. Both sides failed to get many votes needed, with Warnock getting a plurality of the vote, sending it to a December 6th runoff. For Democrats, a win would be the cherry on top for what has been a successful midterm election, increasing their majority in the Senate to make it 51-49. For Republicans, this is an opportunity to gain a seat and maintain the 50-50 minority that they held for the first half of Biden’s term, which is more powerful than some realize.
It didn’t take long for the election to be decided, though. Approximately 4 and a half hours after polls closed, the election was called for Warnock in what has been another win for the Democratic Party. Early voting records were broken, and Warnock outpaced his November performance in the counties where it meant the most. He is expected to win by a margin of 2 to 4 points, far clear of recount territory, and it perfectly displays the Republican Party now in what seems to be a transition in power. Donald Trump, former President, and backer of Walker, seems to have lost grip on the Republican Party as the shift is being made to Ron DeSantis for 2024, and Walker is another Trump-backed candidate who got slammed in the midterms. For Democrats, it’s possible this additional seat opens possibilities due to how weak their 50-50 majority was for the first 2 years of Biden’s term as Senators Manchin and Sinema would often steer away from the rest of the party. The Supreme Court could be expanded, and Biden could choose to revisit Build Back Better if he is able to accrue the necessary support in the House. As for the markets, it’ll be interesting to see if the markets have any reaction as the Senate majority was already decided before this runoff.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.