What Republicans' huge loss means for Trump

Key points

• Democrats are projected to win majorities in the House and Senate after midterm victories over Republicans.
• Trump said he would veto Democratic bills and later work with Democrats on shared priorities.
• House Democrats plan bills on health subsidies, Medicaid cuts, tariffs and the Iran war.

Democrats are projected to win commanding majorities in the House and Senate after defeating Republicans in key races across the country, according to CNBC. The result ends Republican control of Congress that supported and shielded President Donald Trump during the first two years of his term.

The outcome removes any chance Trump had of passing partisan legislation in the second half of his presidency, CNBC reported. It also means interests he pursued without Congress, including tariffs, the Iran war and Washington-area construction projects, are expected to face pushback from the new Democratic majorities.

Trump's veto strategy

Trump has described how he might work with a Democratic majority, saying he would rely heavily on the veto pen. In a Fox News interview, he said Democrats would send him bills he considers unacceptable and he would reject them, after which he expected the two sides to negotiate.

In a New York Post podcast interview released Monday, Trump said that if Republicans did not win, "I veto everything." He also said he might become "Mr. Veto" if people who "hate our country" come in.

We need a refresh right now

— Marc Short

Democratic plans and investigations

House Democrats, expected to be led by Minority Leader Hakeem Jeffries of New York, plan to pass a series of bills soon after taking control next January, CNBC learned. In their first 100 hours, they plan bills reinstating enhanced health insurance subsidies, reversing Medicaid cuts Trump signed this year, undoing his tariffs and addressing the Iran war.

Without Trump's approval, the bills may be largely symbolic, since Democrats lack two-thirds majorities to override vetoes, and Senate Democrats will be short of the 60 votes needed to bypass the filibuster. Democrats are also signaling investigations; Rep. Robert Garcia, likely to chair the House Oversight Committee, said his panel will target the Trump family's business dealings and other matters, summing up his plans as "Lawyer up."

Republican reaction

Marc Short, chairman of Advancing American Freedom and a former chief of staff to Mike Pence, told CNBC the GOP has moved away from its conservative foundations. "We need a refresh right now," Short said. He said he does not expect Republicans to revolt against Trump but expects some to quietly distance themselves.