Democrats took control of Congress on Tuesday night, according to CNBC, in a result the outlet describes as a rebuke to President Donald Trump and his economic record. Voters cited rising prices, government corruption and the AI data center build-out, the report says.
In Texas, James Talarico defeated Ken Paxton for U.S. Senate, the first Democrat elected to that seat in nearly four decades. Gina Hinojosa defeated three-term Gov. Greg Abbott, making her the first Democratic governor of Texas since Ann Richards left office in 1995.
Other Democratic wins included Annie Andrews in South Carolina, who upset Darline Graham, and Sherrod Brown in Ohio, who defeated Sen. Jon Husted. The report also says Democrats flipped Senate seats in Iowa and North Carolina and won key races in Georgia and New Hampshire. Paxton, Graham and Husted were among Trump's endorsed candidates who lost.
CNBC reports that Hinojosa campaigned for a pause on new data center projects in Texas until the state adopts tougher rules. The state Legislature remains under Republican control.
The report says Elon Musk, the cycle's largest individual political donor, spent record sums to help Republicans retain power. Talarico, according to the article, accused Musk of trying to buy "his very own personal United States Senator." CNBC also reports that a CNBC analysis of Federal Election Commission records found that 14 of the 20 largest donor groups backed Republicans exclusively or nearly so, and that crypto, AI and online gambling interests poured more than $377 million into races.
Rep. Chris Pappas said the results are "a wake-up call for corporate special interests and billionaires who have been rigging the economy." Rep. Greg Casar said AI company CEOs should be called to testify under oath, and Rep. Robert Garcia, the presumptive next chair of the oversight committee, said "Lawyer up."
CNBC reports that markets reacted, with Dow futures falling and S&P 500 futures slipping Tuesday evening.