Republicans are poised for enormous gains in Tuesday’s midterm elections, and Douglas Holtz-Eakin, president of the American Action Forum and the former chief economic policy adviser to John McCain’s 2008 presidential campaign, told CNBC the political gridlock expected to follow will be good for the economy.
“The business community has been deeply unhappy with the policies they’ve seen come out of the (Obama) administration and just having in place a Congress that has different viewpoints will be better from their perspective, and hopefully it will get them off the trillion dollars of cash and hiring some people,” he explained.
Holtz-Eakin did, however, warn that it would be a mistake for Republicans to view a huge victory at the polls as an embracing of Republicans.
“This is about failure of good governments and failure of accountability in Washington,” he cautioned. “It’s one thing to get elected—they need to deliver or in fact two years from now voters will be unhappy again.”