All eyes are now on the Georgia runoff races that will decide who controls the US Senate. Republicans David Perdue and Kelly Loeffler are contesting against the democratic challenges Raphael Warnock and Jon Ossoff. For the democrats to get control of the Senate, both its candidates should win the races.
Georgia Runoffs: Senate Race Takes An Interesting Turn
Even though it is extremely unlikely, Georgia could also have a second runoff if both the candidates receive the exact same number of votes. However, looking into the current political situation, it is unlikely that this is going to happen.
Going by the trends of the recent presidential elections, it may take a few days before the winners are known in Georgia. Due to the covid-19 situation, there is a huge surge in absentee ballots, which takes longer to count when compared to the regular ballots. More than 1 million absentee ballots were requested, and about 70% of them were returned. Even though the ballots can be processed ahead of time and prepared to be counted, it cannot be tallied till the election day.
Georgia counties have time until Jan 15th to certify the results. The secretary of state has time until Jan 22nd to certify state wise results. However, looking into the recent controversies surrounding the Presidential elections, court fights, or other moves by officials across different counties can delay the process.
The winners of this runoff election in Georgia will be sworn in after their victory is certified. If the winning margin is less than half percent, a recount can be requested. As there are only two candidates available, the winning candidate needs to secure one percent more than 50% in the runoff race.
Voters in Georgia are eligible to vote in the runoff even if they did not participate in the recently held presidential elections. According to available reports, more than 100,000 people who did not vote in November elections have voted this time for the Senate runoff races.
This is going to be an interesting battle as both parties have a lot to lose and gain from the elections. Many people across the nation are keenly watching the developments in Georgia, as this will decide who controls the Senate.
As of now, the Republicans have a majority in the Senate, and it would be difficult for the democratic to pass important legislations in the future without the support from Senate members. Considering the situation, Joe Biden desperately needs the democratic candidates to win the Georgia elections. In this way, running the administration will become an easier task for the next four years.
There are several controversies surrounding the covid relief package as it was debated for many months by both the democrats and republicans in the Senate. Millions of Americans are waiting for the package to be released so that they can get some financial assistance during the pandemic situation. However, as no party has a clear majority in the house and Senate, it has become a difficult task to implement important packages for the common public.
If the Democrats manage to get a majority in the Senate, it will help the incoming administration to implement important legislation without any hurdles. On the other hand, if they lose the elections, the control of the senate will remain with the republicans, and it becomes difficult to pass important bills in the long run.
From the economic point of view, market experts feel that it is better to have the power divided between both parties so that major changes do not take place in the near future. In this way, the market will have some sort of stability with regard to new legislation. As there will be no big surprises, the markets will have a study run in the near future.