|Citizens cheer as they watch the counting of the governor elections in Palm Beach, Florida, on Nov. 8, 2022./ Source: Yonhap News|
AsiaToday reporter Lee Jang-won
The Republican Party is expected to win the House of Representatives majority in the US midterm elections held on Tuesday. Although US President Joe Biden and his administration faced a tough battle in the elections, the Democrats did well it the Senate and the Republican “red wave” was not as strong as expected. However, Biden’s legislative agenda for the remaining two years of his term is likely to be somewhat hindered due to the change in congressional leadership.
According to the Associated Press (AP), Republicans have won 197 seats against Democrats’ 167 out of a total of 435 seats in the US House of Representatives. If nothing goes wrong, the Republic Party is expected to secure more than 218 seats and become the majority party. However, in the case of the Senate, Republicans and Democrats are in a tight contest with 48 seats each. In the governor election, which selects 36 out of a total of 50 governors, Democrats secured 21 against Republicans’ 24.
Some claim that the Democrats defended well because there were many expectations that the Republicans would win slightly in the Senate in previous polls. The AP reported that the Democrats performed relatively well in spite of various negative factors, such as inflation, and found a balance in the election results. The Washington Post (WP) said the Republicans will only have limited seats, so the two parties will be balanced in Congress.
Biden appears to have minimized damage in the midterm elections, the grave of the incumbent president, but if the Republican Party takes control of the House, political deadlock would be inevitable. Major policies that the US administration was trying to seek, such as maintaining the right to abortion, are likely to encounter setbacks. The Republicans are also likely to put pressure with various investigations.
Biden’s next run for the presidency has turned on a yellow light. On the other hand, former US President Donald Trump, who has officially announced his next presidential run, is expected to speed up his political moves as Republicans achieved their desired results in the election.
The impact on the US’ Inflation Reduction Act (IRA), which is a very important issue for South Korean companies, is limited. However, there are cautious prospects that it may affect them positively.