Rising home prices, coupled with conservative borrowing, have today's homeowners sitting on a record amount of potential cash. Today's mortgage holders saw their home equity...Real Estateread more
SoftBank wants to push Neumann out of the CEO role ahead of the IPO.Technologyread more
The Mac Pro is the only major Apple computer to be assembled in the United States. Most of Apple's products, including the iPhone, are assembled in China and are facing tariff...Technologyread more
CNBC's Jim Cramer calls on investors to be wary of the slew of the hyped-up unicorn companies going public this year and encourages the focus to be on deliverable earnings.Investingread more
The UK's Civil Aviation Authority said Thomas Cook had now ceased trading and the regulator would work with the government to bring the more than 150,000 British customers...Europe Marketsread more
Markets have been betting Trump's Twitter attacks on the Fed will move rates. Among other things, Trump has called Chairman Jerome Powell "clueless" and Fed officials as a...The Fedread more
Trump's call with the foreign leader is reportedly the subject of a whistleblower's complaint that has spurred new accusations of wrongdoing from Democrats.Politicsread more
Harvard economist N. Gregory Mankiw says ultra-wealthy couples could split their fortunes in half through divorce and avoid paying a wealth tax proposed by presidential...Wealthread more
The U.S. Securities and Exchange Commission settled charges Monday against former Nissan CEO Carlos Ghosn and its former director Greg Kelly on Monday over false financial...Autosread more
An annual survey by Piper Jaffray finds iPhone that users willing to upgrade to newly released models declined from last year.Technologyread more
These are the stocks posting the largest moves midday.Market Insiderread more
As talk of a Democratic wave in November's midterm elections mounted Wednesday, House Republican leaders aimed to downplay an apparent Democratic win in a House district President Donald Trump won easily in 2016.
Speaking to reporters, House Speaker Paul Ryan argued the minority party could not repeat the performance from moderate candidate Conor Lamb, whom he contended ran on a "conservative agenda." House Republican Conference Chair Cathy McMorris Rodgers warned against making "sweeping predictions" from the result of the Pennsylvania 18th District special election. She said the country has not seen the full "momentum" from the GOP tax law passed in December.
Republicans have months before November to sharpen their message as they try to hold on to congressional majorities, and much can change before then. Still, the Pennsylvania election packs plenty of warning signs for House GOP incumbents and candidates — running not only in districts Hillary Clinton won in 2016 but also those areas Trump carried.
Among the potential concerns for the GOP:
The GOP leaders spoke after a Republican conference meeting Wednesday morning, during which Ryan was set to say that the race should serve as a wake-up call, according to NBC News. He was expected to tell his caucus not to get caught off guard by Democratic enthusiasm but to still feel hopeful about the GOP agenda.
Perhaps sensing a tough election ahead in 2018, more than 20 Republican lawmakers have already announced plans to retire, not including those who chose to run for another office or took a job in the Trump administration. While primary elections have started, and many candidates have already declared to run, Democrats hope the Pennsylvania result may make other GOP lawmakers think twice about running in November.
Cook Political Report, a nonpartisan elections analysis site, rates 114 Republican seats as more competitive than Pennsylvania's 18th District, although candidates in some of those areas get a boost from running as an incumbent. In addition, Cook's Partisan Voter Index lists 17 open seats as more competitive than the Pennsylvania race. Democrats need to win 24 GOP seats in November to take a majority in the House.
Publicly, Republicans contended other Democrats who run in red areas will not have as easy a path as Lamb, a 33-year-old former prosecutor and Marine veteran who ran as a social moderate. On Wednesday, Ryan highlighted that numerous Democrats will have to face primary elections, which can force candidates to the left and potentially make them less appealing to independent or Republican voters.
"This is something that you're not going to see repeated, because they didn't have a primary. They were able to pick a candidate who could run as a conservative, who ran against the minority leader [Nancy Pelosi], who ran on a conservative agenda," the Wisconsin Republican said.
Lamb is hardly the "conservative" Ryan casts him as. While he called for no new gun control laws, he supported stronger background checks. Lamb said he personally opposed abortion but agreed with the legal right to choose.
The Democrat also opposed the GOP tax law championed by Ryan, pledged to fight any GOP efforts to cut Social Security and Medicare spending, and promised to back labor unions. He refused to support Pelosi as Republicans spent millions trying to tie him to the nationally unpopular congresswoman from California.
Ryan said his party has a "great track record" and should focus on accomplishments such as its signature achievement of last year, the tax law passed in December. He added that his party's candidates will have difficulties if they face the fundraising gap that Saccone did in Pennsylvania.
"We need to execute, we need to get our message, and we need to make sure that our candidates aren't massively outraised and outspent on TV as was the case between these two candidates," Ryan said.