It's November, there's elections, and I'm a political scientist. So, it's time to predict.
House--Democrats pick up 25 seats and Nancy Pelosi becomes speaker, but they don't have a "working majority." Karl Rove has an impressive get out the vote operation, but the Republicans won't be able to get enough of their new voters from 2004 to vote again. As a result, the Democrats pick up a lot of seats in Rust Belt states from Indiana to Connecticut. The main effect of the Democrats' very small, ten seat majority, is that they will be able to play their "hedgehog" game of obstructing the Bush administration's initiatives more effectively.
Senate--The Democrats pick up the six seats they need to form a majority but not enough of a majority to have a lot of effect on the Bush administration. To make this prediction, I'm relying on Claire McCaskell to win in Missouri and James Webb to win in Virginia. It looks like Harold Ford is going to be defeated after a brilliant campaign.
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