Election 2024 live updates as Trump celebrates win, Biden plans speech addressing results

Harris’ running mate, Minnesota Gov. Tim Walz, 60, returned to his state Wednesday evening to continue to serve his second term as governor. Peggy Flanagan, who would have stepped into the governorship had Walz’s ticket won, will remain lieutenant governor. 

Walz has two years left on his term. For the remainder of the term, he may have a harder time getting policies passed compared to the accomplishments made during the landmark 2023 session.

As of now, control for the Minnesota House is up in the air after Republicans were able to flip three seats, with several other races likely heading to a recount — meaning the Democratic “trifecta” of power in the state is in doubt.

Read more from CBS Minnesota. 

— Cole Premo, Stephen Swanson, Esme Murphy

The Federal Reserve on Thursday is expected to cut interest rates by 0.25 percentage points, or half the size of its September reduction, according to forecasts from economists polled by FactSet. 

The two interest rate cuts are likely to have a huge impact on the economy in the upcoming administration. 

Read more about the expected rate cut here. 

Although all 435 seats in the House were up in the 2024 election, only about 40 were considered competitive, according to the Cook Political Report. 

As of Thursday morning, Democrats were projected to win at least 203 seats and Republicans 211 seats. A party needs 218 seats in order to have the majority. 

House Democrats need to flip four Republican-held districts — while also winning every seat they currently hold — to retake the majority they lost in 2022. 

Republicans currently have a narrow majority in the House, with 220 seats, while Democrats control 212 seats. There are three vacancies. 

Follow along with live updates here. 

Although Republicans have already picked up several key seats to secure a majority and flip control of the chamber, three Senate races in the battleground states of Nevada, Arizona and Pennsylvania remain up in the air on Thursday morning. A winner also hasn’t been projected in Maine’s Senate race, though independent Sen. Angus King is likely to secure reelection. 

Republicans already have victories projected across 52 races, securing a slightly larger majority than Democrats have had for the last four years in the upper chamber. And with the remaining battleground races, that majority could grow. 

In Nevada and Pennsylvania, Sens. Jacky Rosen and Bob Casey, the Democratic incumbents, are fighting to hold onto their seats, while in Arizona, Democratic Rep. Ruben Gallego and Kari Lake are facing off for departing Sen. Kyrsten Sinema’s seat. 

Follow along for live updates here. 

Trump named former Goldman Sachs CEO Howard Lutnick and former Small Business Administration administrator Linda McMahon to head up the transition team in the summer. They issued a joint statement late Wednesday saying that they will in “the days and weeks ahead, President Trump will be selecting personnel to serve our nation under his leadership and enact policies that make the life of Americans affordable, safe, and secure.” 

In 2016, the Trump transition team was marred by a late start and infighting, although Trump did name Chris Christie to head the transition team within several days of being elected. It’s unclear when the names of Cabinet appointees will be announced. 

The president is set to address the nation Thursday morning in the aftermath of former President Donald Trump’s projected victory in the 2024 elections. Mr. Biden spoke with Vice President Kamala Harris over the phone on Wednesday along with Trump, expressing his commitment to a smooth transition — and inviting the president-elect to a meeting at the White House.