Cruz: GOP could face "bloodbath of Watergate proportions" in November

Sen. Ted Cruz (R-Texas) told CNBC on Friday that the GOP could face "a bloodbath of Watergate proportions" on Election Day if voters are feeling "depressed" about the economy and the pandemic.

The state of play: President Trump has sought to use the economy as a pivoting point from the pandemic throughout his re-election campaign. But if that pitch fails, it could spell trouble for Republicans.

• Several GOP senators are facing tough re-election bids, including Sens. Lindsey Graham (R-S.C.), Joni Earnst (R-Iowa) and Susan Collins (R-Maine).

What he's saying: "I am worried. It’s volatile, it’s highly volatile ... if people are going back to work, if they’re optimistic, if they’re positive about the future, we could see a fantastic election — the president getting reelected with a big margin, Republicans winning both Houses of Congress and I think that’s a real possibility," Cruz said.

• "But I also think if on Election Day people are angry and they’ve given up hope and they’re depressed, which is what [House Speaker Nancy] Pelosi and [Senate Minority Leader Chuck] Schumer want them to be, I think it could be a terrible election. I think we could lose the White House and both houses of Congress, that it could be a bloodbath of Watergate proportions."