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Macro Score 55 Bearish

Scalise Defends GOP House Prospects Amid Economic Headwinds and Energy Spikes

Apr 30, 2026 13:36 UTC
CL=F, SPY, XLE
Medium term

House Majority Leader Steve Scalise maintains that Republicans can retain the House in 2026 despite poor polling and rising costs. The contest will determine if President Trump retains a governing majority or enters his final two years as a lame duck.

  • Trump's economic approval rating has cratered to 30%
  • U.S. crude oil is hovering around $105 due to Iran conflict
  • National average gas prices have reached $4.30 per gallon
  • Democrats hold a 5.2 percentage point edge in the generic House ballot
  • Wolfe Research predicts Republicans will narrowly retain the Senate

House Majority Leader Steve Scalise expressed confidence in the Republican Party's ability to secure a House majority in the 2026 midterm elections, despite significant political and economic challenges. The party faces steep headwinds, with recent AP-NORC polling showing President Donald Trump's approval rating on the economy has fallen to 30%, while 70% of voters disapprove of his overall performance. These sentiments are compounded by a Democratic sweep of major 2025 off-year elections centered on affordability. Market volatility is being further driven by the ongoing conflict with Iran, which has pushed U.S. crude oil prices to approximately $105 per barrel. National average gasoline prices have climbed to $4.30 per gallon, adding pressure to the GOP's economic narrative ahead of the summer driving season. Scalise is pivoting the campaign toward voter turnout and immigration, criticizing Democrats for blocking funding for the Department of Homeland Security. This dispute follows a controversial immigration crackdown in Minnesota that resulted in the deaths of two U.S. citizens, an event that has contributed to a dip in Trump's immigration approval to 40%. While Democrats currently hold a 5.2 percentage point lead in the RealClearPolitics generic ballot, the Senate outlook remains more favorable for Republicans. A Wolfe Research report suggests the GOP is likely to narrowly retain control of the upper chamber, as Democrats face a difficult map and a significant fundraising disadvantage.

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