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Last Night’s Debate Will Winnow the Field; an Odd Trend in 2024 Races Outlook

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Last Night’s Debate Will Winnow the Field; an Odd Trend in 2024 Races Outlook

Author: Greg Valliere

November 9, 2023

LAST NIGHT’S REPUBLICAN DEBATE wasn’t memorable, but it will further winnow the field. The candidacies of Tim Scott and Vivek Ramaswamy are on life support; both may be gone by the end of this year. That would leave only three candidates in a futile fight with Donald Trump:1. NIkki Haley, once again the debate winner, still enjoying a buzz among party insiders and fundraisers.

2. Ron DeSantis, who was solid last night but inexplicably did not cite his endorsement from the governor of Iowa.

3. And Chris Christie, the anti-Trump pitbull who has virtually no support among the GOP rank and file.

THAT’S IT — EFFECTIVELY JUST TWO CANDIDATES with any chance to dent the Trump blitzkrieg. Nothing can slow his astonishing momentum — not his indictments, not his frequent gaffes, not his refusal to play by any established rules. Trump is a lock to win the GOP nomination, and as of now is the narrow favorite to win the general election.
* * * * *
THERE’S AN ODD POLITICAL DYNAMIC SHAPING UP in 2024, with an increasing chance that abortion and a dysfunctional performance on the budget could cost Republicans the House. But the GOP has a very good chance of recapturing the Senate, based on the number of Democrats who are up for re-election next year.

DEMOCRATS EFFECTIVELY HAVE A 51-49 MAJORITY in the Senate, but they will have to defend 23 of the 34 seats up for re-election. Most analysts believe that of the 10 most vulnerable seats, eight are held by Democrats.

REPUBLICANS ARE FAVORED TO CAPTURE THE SEATS of Joe Manchin in West Virginia, Jon Tester in Montana, Sherriod Brown in Ohio, and the GOP has a chance to capture seats in Arizona, Michigan, Nevada, Pennsylvania and Wisconsin.

INCREDIBLY, of the 10 most vulnerable seats, only two are held by Republicans — Rick Scott in Florida and Ted Cruz in Texas, and they’re the early favorites. (Sen. Kyrsten Sinema, now an independent, could lose to a Republican in Arizona.)

THUS A REPUBLICAN SENATE is very likely in 2025-26, just in time to begin a ferocious debate on extending the Trump tax cuts.

THE ONE POSSIBLE SNAG is if Republicans fail to agree on a more moderate abortion stance; voters have rejected strict restrictions with no exceptions. This gives Democrats an opening among moderate voters in the North, and as of now we think the GOP will lose the House.


The views expressed in this blog are those of the author and do not necessarily represent the opinions of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies.

The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

For further information, please visit AGF.com.

©2025 AGF Management Limited. All rights reserved.

Written by

Greg Valliere

Greg Valliere

Chief U.S. Policy Strategist

AGF Investments

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