Marc Gerson Comments on the Major Issues Impacting the Midterm Elections in CNBC
"5 Key Personal Finance Issues This Midterm Election Season - And What They Mean for Your Wallet"
Marc Gerson discussed the issues voters are considering as they head to the polls this election cycle. Given the Federal Reserve has made a fourth consecutive interest rate hike and many voters fearing a recession, Gerson said "the overall economy has been so important, and I think it really is influencing the elections."
Ahead of the midterms, some Republican lawmakers have been calling for an extension of certain provisions of the 2017 Tax Cuts and Jobs Act that are set to expire in 2025. "They would like those provisions, ideally, to be made permanent, but at a minimum, to be extended — and to be extended sooner rather than later to give taxpayers certainty," said Gerson. He noted that even if Republicans take control of both chambers after the election, they will not have the 60 votes needed in the Senate to avoid the filibuster. Gerson said Republicans will still attempt to pass these "political messaging bills," adding that "it's really setting a major portion of the platform for the 2024 elections."