Joe Biden is closing in on the 270 electoral votes he needs to defeat President Trump, according to Associated Press projections, with the critical battleground states of Michigan and Wisconsin now called for Biden.

The latest: With those states and Arizona in Biden's column, one more — like Nevada or Pennsylvania — would be enough to put him over the top even as the Trump campaign fights him with lawsuits and recounts.

Federal Reserve chairman Jerome Powell said on Thursday the pandemic-hit economy will recover at a slower pace absent additional stimulus from Congress.

Why it matters: With Congress still gridlocked over another stimulus package — and pending results of the presidential election that put timing of another package more in limbo — the Fed is facing questions about what more it can do to prevent the economy from backsliding as coronavirus cases surge.

Joe Biden urged "all people to stay calm" at a press conference on Thursday as outstanding votes are tallied, adding, "We have no doubt that when the count is finished, Sen. [Kamala] Harris and I will be declared the winners."

The big picture: The former VP and Harris attended an earlier briefing on the coronavirus outbreak while key states including Pennsylvania, Nevada, Georgia and North Carolina continue to count ballots. President Trump on Twitter has argued vote tallying should come to a halt.

• The president's campaign has filed a flurry of ballot-related lawsuits.

Arizona remains one of the presidential election's most unsettled states, with Joe Biden clinging to a slight lead.

Axios Re:Cap digs into why Biden underperformed Democratic Senate candidate Mark Kelly and the so-called "Sharpiegate," with local reporter Hank Stephenson and University of Arizona professor Kate Kenski.

1. Milestone: The U.S. exceeded 100,000 daily cases for the first time.
2. Politics: We're stuck in a post-election pandemic limbo.
3. Health: We're stuck in pandemic limbo — Cases are rising in 35 states — New challenges for the homeless.
4. World: Europe's grim lesson about lockdowns.
5. Sports: MLB's bleak short-term future — NBA's Toronto Raptors weigh temporary stay in U.S.

President Trump and his allies are setting the stage to claim a Joe Biden presidency would be illegitimate, baselessly questioning everything from how ballots are counted to whether "fake" polls suggesting blue waves that never came are tantamount to voter suppression.

Why it matters: Arguing that he was wrongfully removed from office could give Trump a face-saving way to explain a possible election loss. It also could distract from a Biden presidency in transition.

Economically, the outcome of the election could not be worse than where we seem to be headed: A Biden presidency with a Republican Senate.

Why it matters: "Gridlock" — where the president's party doesn't control both houses of Congress — is being cheered by financial markets wary of political overreach. Stocks are not the economy, however. In the depths of a global pandemic, fiscal boldness is exactly what's needed for the economy as a whole. The problem is that political obstructionism is all but certain.

A judge in Michigan said she will deny the Trump campaign's request to stop the counting of mail-in ballots in the state. Judge Cynthia Stephens announced her decision at the end of an oral briefing Thursday and has not yet issued a written order.

Why it matters: This is a significant loss for the Trump campaign's effort to slow or stop vote-counting in critical states that Joe Biden is projected to win.

Although tech platforms have made good on promises to check false election claims from political figures — up to and including the president — those efforts haven't turned the tide in the broader war on misinformation.

Between the lines: Dedicated spreaders of misinformation are finding ways around platforms' rules. Sometimes enforcement actions themselves provide fresh fuel for otherwise baseless conspiracy theories that the media, Big Tech and Democrats are colluding to steal the election from President Trump.

Republicans' likely hold on the Senate is forcing Joe Biden's transition team to consider limiting its prospective Cabinet nominees to those who Mitch McConnell can live with, according to people familiar with the matter.

Why it matters: The new Senate political math could dash the ambitions of some Democrats, including those who have clashed with Republicans.

After months of a grueling campaign season, some swing voters around Florida are desperately searching for an end to this cycle — even if it means accepting a President Biden win after they voted for President Trump.

Why it matters: Fatigue over the level of political outreach and content they've been inundated with during this race — as well as fear that there will be extreme civil unrest no matter who wins — is pushing these voters to accept a president they don't even want if it means the chaos will end.

The challenge of helping people experiencing homelessness during the pandemic has spurred some cities to action and prompted bitter divisions in others, as shelters struggle with the new challenges of adhering to the CDC's social distancing, PPE and sanitary guidelines.

Why it matters: Some cities have tried new ways to help, such as buying up vacant hotels, apartments and other buildings to use as housing. Some feel grief as outdoor homeless encampments grow.

New coronavirus infections surged by roughly 20% over the past week as cases continued to climb in every region of the country.

Why it matters: All signs indicate that the pandemic will keep getting worse throughout the winter, making it harder and harder to eventually control — even if there's a new president, and even with a vaccine.

Supporters of President Trump protested outside an Arizona election center late Wednesday, chanting "count the votes!" as elections officials continued to tabulate ballots in a state that Joe Biden is projected to win.

Why it matters: The Trump campaign was furious that Fox News and AP called Arizona for Biden on Tuesday night with hundreds of thousands of votes still outstanding, as a victory for the Democrat would significantly narrow Trump's possible path to 270 electoral votes.

Democrat Sen. Gary Peters has won re-election in Michigan against Republican businessman and veteran John James, AP projects.

Why it matters: It's a crucial win for Democrats, who have seen their chances of flipping the Senate fade away after failing to defeat vulnerable Republicans in Maine, Iowa, Montana and other states.

With Joe Biden closing in on 270 electoral votes, the Trump campaign filed a flurry of ballot-related lawsuits that legal experts say are unlikely to produce a Bush v. Gore sequel.

The state of play: Biden will win Wisconsin and Michigan, the AP projected. Biden can clear 270 electoral votes by hanging on in Nevada and Arizona — or winning Pennsylvania.

The U.S. reported 103,087 new daily coronavirus infections on Wednesday, setting a single-day record for cases, according to data from the COVID Tracking Project.

Why it matters: This is the first time the U.S. has reported over 100,000 new cases in a single day — a reminder of the high stakes of the election as votes continue to be tabulated.