The Washington consensus is that if the GOP takes at least the House, it will give Obama a political foil and give his 2012 election hopes a big boost. And, the media tell us, the GOP presidential field is weak:
For Sarah Palin, it’s Tea Party first, Republican Party second:
Some in the GOP, it’s their last shot, it’s their last chance. We will lose faith, and we will be disappointed and disenchanted from them if they start straying from the bedrock principles. … If they start straying, then why not a 3rd party?
Numbers from Gallup seem to say it is.
Gallup’s tracking of the generic ballot for Congress finds Republicans leading Democrats by 5 percentage points among registered voters, 48% to 43%, and by 11- and 17-point margins among likely voters, depending on turnout. This is the third consecutive week the Republicans have led on the measure among registered voters, after two weeks in September when the parties were about tied.
Via the GS econ team (as excerpted and outlined by me):
1. We see two main scenarios for the economy over the next 6-9 months—a fairly bad one in which the economy grows at a 1½%-2% rate through the middle of next year and the unemployment rate rises moderately to 10%, and a very bad one in which the economy returns to an outright recession.
Yesterday, I reviewed the outstanding performance of the market three months after midterm elections. I also noted that the third years of the presidential cycle tend to be very bullish. The fourth year of presidential terms, along with first and second years, tend to be much less consistently bullish than third years.
The respected Cook Political Report:
The macro political landscape strongly favors Republicans and it is not likely that it will change much between now and November. As a result, a look at the 37 Senate races on the ballot shows some deterioration for Democrats in some of the 19 seats they are defending, while Republicans’ prospects have stayed the same or improved slightly in their most competitive seats. As such, it is now likely that Republicans will score a net gain of between seven and nine seats. While there is a plausible argument for how Republicans could net the 10 seats they need to win the majority, it remains an unlikely scenario today.