Will The Midterm Election Affect The US Economy? What Experts Say, Plus Important State Ballot Measures

While the stock market has fluctuated in recent months, the U.S. economy has hummed along to its longest growth stint in modern history. Some finance experts and economists may have an eye on Tuesday's midterm elections and how the results could influence the economic outlook.

Republicans currently hold a majority in the Senate, House and the White House. But a potential "blue wave" could mean Democrats take control of either the Senate or the House or both. Republicans can also maintain control over both branches.

Will the stock market be affected by Tuesday's results?

CNBC listed four experts who appear to have come to the consensus that markets will stabilize no matter what the outcome will be Tuesday night.

Alli McCartney, managing director at UBS Private Wealth Management, left the prospect open of a market rally.

Stacey Cunningham, president of the New York Stock Exchange, pointed out that the markets leveled off after uncertainty from Brexit and the 2016 U.S. presidential election.

Barbara Doran, senior portfolio manager at BD8 Capital Partners, anticipates market stabilization in the coming days.

Jack Hough, an associate editor at Barron's, dismissed the notion that a Democrat or Republican agenda will be a major factor in the markets.

However, there are some key issues on state ballots that could influence state economies. Sixteen states will vote on election reform, renewable energy and marijuana legalization.

Florida is looking to restore voting rights to most convicted felons with Amendment 4. If passed, a study by Washington Economics Group claims Florida’s economy stands to gain $365 million per year by decreasing costs of incarceration and increasing the amount of taxes paid by citizens who’ll return to work.

In Washington state, a tax on carbon emissions would fund clean-energy projects. Arizona and Nevada are looking to pass measures that require utilities to get half of their energy from renewable sources.

Left-leaning groups in Colorado are hoping to pass new regulations on new oil and gas wells. The Colorado Oil and Gas Conservation Commission is pushing back by saying the proposal would cost the state more than $1 billion over the next 12 years.

There are 31 states plus the District of Columbia that have legalized marijuana use, medical or recreational. Michigan and North Dakota on Tuesday will vote to pass recreational cannabis, while Utah will vote on allowing medical marijuana.