The midterms and your money: What a divided government means for the U.S. economy
CBSN
This year's economic woes — the highest inflation in 40 years, a bear market and lagging wages —played into voters' choices as they headed to the polls on Tuesday. The result is likely to be a divided government, which could have an impact on everything from the stock market to the federal government's ability to respond in the event of a recession next year, experts say.
While the midterm election results are still being sorted out as of Wednesday afternoon amid several close races, the balance of power in Washington, D.C., looks likely to be split between Democrats and Republicans, with the GOP projected to gain control of the House. Control of the Senate remains a toss-up as each party has each secured 48 seats as of Wednesday morning, with four races yet to be called, CBS News projects.
A divided government, with Republicans in control of at least one chamber of Congress and a Democrat in the White House, would likely pose challenges over the next two years. Among them is the risk of drama over the debt ceiling, with Republicans signaling they plan to use their House control as a negotiation tool with President Biden to rein in government spending. And Mr. Biden may have more difficulty passing major legislation moving forward.
The Federal Trade Commission asked a federal judge on Wednesday to delay a trial in a case accusing Amazon of using deceptive practices in its Prime subscription program, citing staffing and budgetary challenges at the government agency.
Oliver Miller, a beefy center who helped Arkansas advance to the Final Four before playing nine seasons in the NBA, has died. He was 54.
Nevada prosecutors say 20 people have been charged in connection with a brawl at a maximum-security prison in eastern Nevada last year in which three inmates were killed and others were injured.
The nominee for a top Justice Department job has left a digital trail of deleted social media posts that his critics say suggest fringe views on a number of issues, including an openness to defying court orders and acceptance of arranged marriages under certain circumstances.
Prosecutors say Bryan Kohberger's defense team will argue at his murder trial that someone else could have planted a knife sheath with Kohberger's DNA at the home where four University of Idaho students were killed in 2022.
Waterbury, Conn. — A Connecticut man who said he was held captive for 20 years was rescued after setting fire to his room and telling first responders he did it to gain his freedom, police said Wednesday.
Robert Morris, founding pastor of Gateway Church, a megachurch in Southlake, Texas, has been indicted on five counts of lewd or indecent acts with a child, stemming from alleged incidents dating back to the 1980s, the Oklahoma attorney general's office announced Wednesday. We are aware of the actions being taken by the legal authorities in Oklahoma and are grateful for the work of the justice system in holding abusers accountable for their actions. We continue to pray for Cindy Clemishire and her family, for the members and staff of Gateway Church, and for all of those impacted by this terrible situation.
President Trump has pardoned a former Republican Tennessee lawmaker who was two weeks into a 21-month prison sentence for an illegal campaign finance scheme that he pleaded guilty to in 2022, before he tried unsuccessfully to take back his plea.
The arrest of Mahmoud Khalil , a green card holder and former Columbia University student involved in pro-Palestinian campus protests in 2024, is raising questions about the rights of permanent residents in the United States.
Sweeping 25% tariffs on all U.S. steel and aluminum imports could cause a rise in prices for a wide range of products including cars and washing machines and other consumer goods, as well as components used in manufacturing and construction, such as nails.
Washington — Less than two months since President Trump's inauguration, the Republican-led Senate has confirmed nearly every one of his Cabinet nominees.
The Environmental Protection Agency on Wednesday said it would "formally reconsider" a landmark 2009 finding by the agency that greenhouse gases are a danger to public health.
Another norovirus outbreak sickened passengers on board the cruise ship Coral Princess in February, marking the second outbreak this year on the ocean liner operated by Princess Cruises, according to the Centers for Disease Control and Prevention.