The outcome of the Presidential race and several key US Senate races are still unknown and yet to be officially announced. If the vote tally remains close in battleground states, we can expect states to recount their ballots. In fact, 20 states and the District of Columbia have an automatic recount in close elections and 43 states allow a losing candidate to ask for a recount.
In addition, several battleground states had to wait until Election Day to begin counting mail-in ballots, including Pennsylvania and Wisconsin. States have over a month to complete a recount and all electoral votes are to be cast by December 14 at the latest.
What can we expect in the near-term?
Congress will have a limited agenda in the lame duck session and will be pressured to pass another stimulus package. Given the pending election results, we expect both parties to maintain the same pre-election postures, so the chances of a deal are unknown.
Additionally, Congress will face a December 11 deadline for an agreement to fund the government and avoid a shutdown before the holidays. As we wait for the official outcome to be announced, our team will be closely monitoring any new developments.
If you have questions or would like to discuss your own financial planning or investment strategy needs, we welcome you to Contact Us to set up time to discuss further.