Divided nation

Follow Us Get the newsletter Joe Biden's path to victory in the U.S. presidential election has widened as he is projected to win the key state of Wisconsin and pulls ahead in Michigan. But it could still be days before enough votes are tallied to determine the winner. Donald Trump will ask for a recount in Wisconsin, his campaign manager says. And even if Trump loses his bid for a second term, he will leave a complicated legacy for his successor. The Democratic party was hoping for a surging "Blue Wave" to sweep Biden to a decisive victory, that voters would come out to support across America after four years of often chaotic and divisive leadership under Trump. That wave hasn't really materialized. Aside from Wisconsin, Biden has secured a projected win in one state that went to Trump in 2016 – Arizona. The Democrats are set to hold onto the U.S. House, but perhaps with a smaller majority than before, and look unlikely to gain control of the Senate. So what America are we left with, whoever wins? One that is deeply polarized, at odds with itself on many issues (including on how to manage the coronavirus pandemic), where the "America first" and law-and-order messaging of Trump has resonated with many. A contested result that ends up in the courts will only exacerbate that. It's also a reminder to longstanding allies around the world that a Biden presidency may provide a reset, but that he would face pressure to reflect the U.S. public's appetite for a harder stance on trade and a pullback from costly conflicts overseas. A Biden presidency would make a difference to policy, both at home and abroad. But this election has shown something profound: Support for Trump in 2016 wasn't a one-off. — Rosalind Mathieson Biden at an election night event in Wilmington, Delaware. Photographer: Stefani Reynolds/Bloomberg Click here for a closer look at how long the ballot counting could take in key states and here for more photos from Election Day across the U.S. Tell us how we're doing or what we're missing at balancepower@bloomberg.net. Election Headlines Not so easy | Trump early today said he will enlist the U.S. Supreme Court because he wanted "all voting to stop," as he tried to hold onto early leads in battleground states. But as Aoife White and Hugo Miller report, he won't be able to go to the high court immediately, and it's not clear he has a legal argument that could affect the outcome of the election. People watch results come in at McPherson Square in Washington, D.C., earlier today. Photographer: Eric Lee/Bloomberg Negotiating setback | Democrats face a loss of leverage in negotiations over a new U.S. stimulus package after a disappointing showing that left Senator Mitch McConnell potentially with a renewed mandate as majority leader. The results so far — with Democrats looking at a trimmed majority in the House and long odds for taking the Senate — point to a smaller Covid-19 relief bill than the roughly $2 trillion that had been discussed by the Trump administration and congressional Democrats before the  election. Key election links: How Long It May Take: Where the Election Stands in Key States Track Live Results in the Presidential and Congressional Races Why the U.S. Has 'Electors' Who Choose the President Don't miss the biggest election headlines as they happen. Download Bloomberg's app for Android or for iOS and turn on push notifications. Mail-in issues | Postmaster General Louis DeJoy may have to testify under oath about the U.S. Postal Service's apparent failures to adhere to court orders in a lawsuit over operational changes that disrupted the delivery of mail-in ballots during the election. And finally ... Twisting and turning on the changing election returns — it's Biden, no it's Trump, no it's Biden again — Like the rest of America, exhausted Wall Street traders drank numerous cups of coffee and considered what it all meant, Katherine Greifeld, Sarah Ponczek and Vildana Hajric report. Paul Nolte, a portfolio manager at Kingsview Investment Management, finally gave up staring at futures, watching financial TV and analyzing charts — and found succor in a bottle of bourbon. The Charging Bull, sometimes referred to as the Wall Street Bull, in the Financial District of Manhattan in May. Photographer: Timothy A. Clary/AFP via Getty Images     Like Balance of Power? Get unlimited access to Bloomberg.com, where you'll find trusted, data-based journalism in 120 countries around the world and expert analysis from exclusive daily newsletters.   You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. Unsubscribe | Bloomberg.com | Contact Us Bloomberg L.P. 731 Lexington, New York, NY, 10022