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AMERICANS WILL elect 471 federal officials in November: 435 members of the House of Representatives, 34 senators, a vice-president and a president. These contests are overshadowed by the impending rematch between President Joe Biden and Donald Trump, his predecessor, which will be pitched as a struggle between democracy and autocracy (and amplified by a projected $3bn in campaign spending). Seven months of this promises to be wearing.
Cast your eye down the ballot, however, and something exotic is in the offing. At the moment, Washington is divided by the thinnest of margins. Democrats control the Senate by just two seats out of 100. Republicans control the House of Representatives by five out of 435 (a margin that will shrink to four once Mike Gallagher of Wisconsin retires next month).
After the election, control of both chambers could flip. In the Senate, the seats contested this year are in extremely favourable states for Republicans. In the House, by contrast, Democrats campaigning against the chaos of Republican leadership may wrest back control. A double flip would be quite a feat of political gymnastics: it has never happened before.
Senate terms last six years, and only one-third are contested every two years. The mix this year is unkind to Democrats. Joe Manchin, the West Virginia senator who managed to remain the Democratic representative of his Trump-loving state, is retiring. His seat will almost certainly be filled by a Republican, leaving the starting-point for the race at, in essence, 50-50.
Of the seven competitive Senate races this cycle, all are now held by Democrats. Five are in presidential battleground states (Arizona, Michigan, Nevada, Pennsylvania and Wisconsin). They are winnable by Democrats, but none comfortably (see chart). In Montana and Ohio Mr Biden is likely to lose, but the incumbent Democratic senators, Jon Tester and Sherrod Brown, must prevail if the party is to retain control of the chamber. They are the last remaining Democrats holding statewide office in their respective states. Adding to the Democrats’ headaches, Larry Hogan, a popular Republican ex-governor of ordinarily deep-Democratic Maryland, plans to run for its Senate seat.
Chart: The Economist
Republican incumbents, meanwhile, look comfortable. The two that Democrats have the slightest chance of upsetting are Ted Cruz of Texas and Rick Scott of Florida—neither of whom represents states that Mr Biden will be seriously contesting. Overall, then, the maths look troubling for Democrats. They will need to play perfect defence to get to a 50-50 Senate (and hope that Kamala Harris remains vice-president to break ties in their favour).
True, the Democrats managed this feat in the midterms of 2022 (actually gaining one seat, in Pennsylvania). They expect to retain their fundraising advantages. And the candidate-quality issues that hurt Republicans in previous elections may recur. In Arizona, for example, Kari Lake, an election-denying demagogue who in 2022 lost her bid for governor against a weak Democratic challenger, will probably be the party’s Senate candidate. In Pennsylvania Dave McCormick, the presumptive Republican nominee who lost an expensive Senate primary in 2022 to a celebrity doctor, Mehmet Oz, is dogged by allegations of carpet-bagging over his private-jet travel to his mansion in Connecticut.
The House elections are not so tilted against the Republicans as the Senate elections are against the Democrats. But Democrats have a more credible case for taking the chamber than the Republicans do for keeping it, for a number of reasons.
First, Republican stewardship of the House has been chaotic, even by the low standards of Congress. Last year, for the first time in American history, Republican hardliners deposed their speaker. Last week one of their ranks, Marjorie Taylor Greene, introduced a motion to depose the current speaker. More ordinary forces also militate against Republicans. Democrats are expected to outspend them. And there are over a dozen Republicans in districts that voted for Mr Biden; there are only five Democrats in Trump-friendly districts.
Chart: The Economist
The possible flip-flopping of the chambers may seem odd when American politics are so nationalised and polarised. Split-ticket voting—in which people vote for presidential candidates of one party and congressional candidates of another—has gone from common to exceptional. In roughly one-third of the Senate races held in the presidential-election years of 1992, 1996 and 2000, voters opted for a presidential candidate of one party and a senator of the other. In 2016 there were no such cases. And in the 33 elections held in 2020 the sole exception was in Maine.
Split congressional districts have also declined precipitously. Before 2000 well over 100 districts typically had representatives belonging to a different party from the voters’ presidential preference. By 2020 this had declined to a record low of 16.
But as American politics have calcified into two mutually loathing teams of nearly equal size, legislative majorities that were once enduring have become narrow and unstable. Between 1932 and 1994, Democrats controlled the House for all but four years. Since then the chamber has flipped party control five times. Minor fluctuations—small shifts in turnout, the entry of a third-party candidate—can be decisive.
A double flip would matter for more than just novelty. Republican control of the Senate would mean that Mr Trump, if he regains the White House, would have a far easier time confirming his most outlandish potential nominees. Mr Biden, if re-elected, could find that his nominees to fill judicial vacancies were refused.
Republican senators are, for the moment, more internationalist than their House colleagues, so aid for Ukraine could pass through a differently divided government. But on the whole, divided government tends to be inimical to serious legislating—as experienced in the tug-of-war between President Barack Obama and the Republican-controlled Senate after 2015.
The competition for Capitol Hill has not yet attracted a great deal of public interest. Perhaps it should. For all the attention that Americans pay to the question of their next president, they devote surprisingly little to whether or not he will be able to do much from his perch. ■
Bank of England Governor Andrew Bailey attends the central bank’s Monetary Policy Report press conference at the Bank of England, in the City of London, on May 8, 2025.
Carlos Jasso | Afp | Getty Images
Bank of England Governor Andrew Bailey told CNBC on Thursday that the U.K. was heading for more economic uncertainty, despite the country being the first to strike a trade agreement with the U.S. under President Donald Trump’s controversial tariff regime.
“The tariff and trade situation has injected more uncertainty into the situation… There’s more uncertainty now than there was in the past,” Bailey told CNBC in an interview.
“A U.K.-U.S. trade agreement is very welcome in that sense, very welcome. But the U.K. is a very open economy,” he continued.
That means that the impact from tariffs on the U.K. economy comes not just from its own trade relationship with Washington, but also from those of the U.S. and the rest of the world, he said.
“I hope that what we’re seeing on the U.K.-U.S. trade side will be the first of many, and it will be repeated by a whole series of trade agreements, but we have to see that happen of course, and where it actually ends up.”
“Because, of course, we are looking at tariff levels that are probably higher than they were beforehand.”
In Bank of England’s Monetary Policy Report released Thursday, the word “uncertainty” was used 41 times across its 97 pages, up from 36 times in February, according to a CNBC tally.
The U.K. central bank cut interest rates by a quarter percentage point on Thursday, taking its key rate to 4.25%. The decision was highly divided among the seven members of its Monetary Policy Committee, with five voting for the 25 basis point cut, two voting to hold rates and two voting to reduce by a larger 50 basis points.
Bailey said that while some analysts had perceived the rate decision as more hawkish than expected — in other words, leaning toward holding rates elevated than slashing them rapidly — he was not surprised by the close vote.
“What it reflects is that there are two sides, there are risks on both sides here,” he told CNBC.
“We could get a much more severe weakness of demand than we were expecting, that could then pass through to a weaker outlook for inflation than we were expecting.”
“There’s a risk on the other side that we could get some combination of more persistence in the inflation effects that are gradually working their way through the system,” such as in wages and energy, while “supply capacity in the economy is weaker,” he said.
IN THE DELUGE of 145 executive orders issued by President Donald Trump (on subjects as disparate as “Restoring American Seafood Competitiveness” and “Maintaining Acceptable Water Pressure in Showerheads”) it can be difficult to discern which are truly consequential. But one of them, signed on April 23rd under the bland headline “Restoring Equality of Opportunity and Meritocracy”, aims to remake civil-rights law. Those primed to distrust Mr Trump on such matters may be surprised to learn that the president’s target is not just important but also well-chosen.
A Programme at Harvard Divinity School aspired to “deZionize Jewish consciousness”. During “privilege trainings”, working-class Harvard students were instructed that, by being Jewish, they were oppressing wealthier, better prepared classmates. A course in Harvard’s graduate school of public health, “The Settler Colonial Determinants of Health”, sought to “interrogate the relationships between settler colonialism, Zionism, antisemitism, and other forms of racism”: Will these findings by Harvard’s task-force on antisemitism and anti-Israel bias, released on April 29th, shock anyone? Maybe not. Americans may be numb by now to bulletins about the excesses, not to say inanities, of some leftist academics.