KEY POINTS

  • “Something went wrong” in the forecast models, one Democrat said
  • Details of a testy call among House Democrats revealed
  • The shape of a future government is a market concern

In heated tones, House Democrats are calling members to attention after reeling from the lack of a Blue Wave in the U.S. general election.

“We will be [expletive] torn apart in 2022,” Rep. Abigail Spanberger, a Democrat who secured another term in office in a tight Virginia contest, said. Details and quotes from a heated Thursday conversation among House Democrats were revealed Thursday by USA Today.

Democrats went into Election Day assuming former U.S. Vice President Joe Biden, a Democrat, would win the White House, the Senate could possibly flip and that they’d retain control over the House of Representatives. Instead, it’s a close race between Biden and President Donald Trump and they failed to take enough seats to win a majority in the Senate. Democrats will still control the House of Representatives, though seven incumbents lost to Republican challengers and many races are still too close to call.

Confirmed by sources that USA Today reported were on the call with Democrats, Rep. Cheri Bustos, D-Ill., chair of the campaign arm for House Democrats, said it was clear that “something went wrong” in the forecast models.

"I want answers and I know you want answers," she said. "We will do a deep dive. We will do a post-mortem and we will share everything we learn."

The evolving shape of the U.S. political make-up is a market concern. If former Vice President Joe Biden wins the presidency, he would have wound-licking Democrats in the House and Republicans still in control of the Senate. A Biden win, however, would increase the chances that U.S. taxpayers will see another round of stimulus, just not until January.

Lawmakers spent the months leading up to Election Day bickering over the shape of a stimulus package, but talks were overshadowed by the campaign. Kathy Bostjancic with Oxford Economic told Agence France Press that Federal Reserve Chairman Jerome Powell should call on lawmakers to act sooner than later.

The Fed "will maintain and possibly amplify its extremely dovish guidance and indicate it could do more without announcing any new measures," she said, while "Powell should also continue to call emphatically for more fiscal stimulus."

House of Representatives The U.S. House of Representatives was supposed to reconvene on May 4 but its Democratic leaders decided to postpone the schedule. Photo: Wikimedia Commons