In less than one month, Americans will head to the polls to decide the fate of both chambers of Congress, and according to White House Council of Economic Advisors Chairman Kevin Hassett, the big question on investors’ minds is what happens if Democrats flip the House?
At stake on Nov. 6 are all 435 seats in the House of Representatives and 35 of the 100 seats in the Senate. Despite the outcome, one things for sure, he said, nothing will derail Trump’s “major accomplishments.”
“The good news is that our agenda can continue, because basically it’s something that’s done at the cabinet agency level, and tax cuts are not going to be reversed,” Hassett said on Friday during an interview with Maria Bartiromo on FOX Business’ “Mornings with Maria,”
Trump last December rolled out the Tax Cut and Jobs Act, which some analysts say has pushed the U.S. unemployment rate to 3.7 percent, the lowest rate in nearly 50 years.
The president has also kept his campaign promise by deregulating business, including rolling back some provisions of the Dodds-Frank Act in May.
Despite the 832-point drop in the Dow Jones Industrial Average on Wednesday -- its fourth-worst point drop in history -- Hassett said it’s the Democrats’ agenda that “would be really bad for the markets.”
Hassett added that “the upside of President Trump getting more power” would allow him to “pursue tax [cuts] 2.0, a more aggressive deregulatory agenda” and improve infrastructure.
“We’ve got a lot of great ideas to make the growth that you’re seeing right now even accelerate,” he said. “And I think that if the election goes the president’s way… it will be a lot easier to pass those policies.”