With only a few days left until 2020 to close, one of the current market focuses will definitely be on the two elections that will take place on January 5, 2021 in Georgia.
This election was held as no candidate got a majority vote in the recent presidential election, November 3, 2020. It will also determine which party will have the majority power in the United States Senate.
Among the candidates running for office are David Perdue of the Republican Party and Jon Ossoff of the Democrats for the general election. Kelly Loeffler (R) and Raphael Warnock (D) will contest in a special election held to fill the remaining terms of retired Senator Johnny Isakson (R).
The Republican Party now has 50 seats in the Senate, and they only need to win one of the elections. Democrats, who have 48 seats, need to win both elections to divide the Senate's control by 50-50.
Since the Vice President, Kamala Haris has the power to vote in the event of a draw, this will give the Democrats an effective majority if they win.
If Democrats have a majority power in the Senate, this will make it easier for President-elect Joe Biden to implement more stimulus and help the economic recovery from the effects of the coronavirus pandemic.
Therefore, the market needs to be aware of the risks that will arise following this election.
