The US mid-term elections held on November 4 marked an important turning point for President Obama's administration after the Republican Party (GOP) took control of Congress –House of Representatives and the Senate - for the first time in eight years. The Republicans will occupy 235 of the 435 House seats and 52 of the 100 Senate seats when they take their oaths of office in January.
GOP control of Congress will limit President Obama's legislative agenda since the US legislative process requires majority votes from both assemblies. Though President Obama has the authority to veto future bills proposed by the Republicans even if approved by Congress, he may be forced to alter his stance on some issues during his last two years in office ending January 2017.
We at KResearch are of the view that the Republican Party will push forward various agenda, which may have broad-based implications toward many countries, including Thailand. Among them would be a reduced ObamaCare plan, perhaps in the FY2016 budget. If that happens, this could have a positive effect on US long-term fiscal stability. The GOP may also seek more aggressive US foreign policy. However, that could affect commodity prices. They may also be more critical of the Fed's current accommodative monetary stance, if it extends into 2015.
Notwithstanding this, the Democrats and Republicans will eventually need to find a common stance to avoid another political stalemate, which would benefit the US economy and improve global economic sentiment.
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