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Data: Real Clear Politics average; Chart: Danielle Alberti/Axios

Sen. Bernie Sanders is projected to win the New Hampshire Democratic primary, according to NBC News, ABC News and Decision Desk HQ.

State of play: Former Mayor Pete Buttigieg narrowly trails Sanders, with Sen. Amy Klobuchar in 3rd.

Why it matters: Tuesday's results usher in the first concrete win of the 2020 primary season. Sanders and Buttigieg each claimed victory in Iowa following errors in caucus reporting and have asked for partial recanvasses.

  • Based on current results released by the Iowa Democratic Party, Buttigieg narrowly took home the most pledged delegates, which ultimately determine the party nominee.
  • Next up are the Nevada caucuses and South Carolina primaries, both states where Sanders is polling well.
  • Buttigieg is likely to face a tough go in those two states, which are significantly less white than Iowa and New Hampshire. The former mayor has largely struggled to gain traction with voters of color.

The big picture: New Hampshire was a sort of homecoming for Sanders after he firmly won the state in the 2016 primaries against former Secretary of State Hillary Clinton.

  • While Sanders has faced concerns over electability, polling shows him making gains nationally. A national Quinnipac poll released Monday showed the senator in a commanding lead at 25% while former Vice President Joe Biden trailed in second at 17%.

Sanders at his speech tonight: "With victories behind us, popular vote in Iowa and the victory here tonight, we're going to Nevada. We're going to South Carolina. We're going to win those states as well."

  • "I want to take the opportunity to express my appreciation and respect for all of the Democratic candidates we ran against ... I can tell you with absolute certainty, and I know I speak for every one of the Democratic candidates, is that no matter who wins — and we certainly hope it's going to be us — we're going to unite together."

Go deeper: Bernie Sanders on the issues, in under 500 words

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The national security risks hiding in Trump's debts

Illustration: Aïda Amer/Axios

The blockbuster New York Times report on President Trump’s taxes reveals that the president is $421 million in debt, with more than $300 million coming due during Trump’s potential second term — and the identities of the president’s creditors remain unknown.

Why it matters: If some, or all, of this debt is held by foreign actors, it raises serious national security implications.

27 mins ago - World

House report: U.S. intelligence agencies have failed to adapt to China threat

Xi Jinping and other Chinese politicians and delegates listen to the national anthem duirng the closing of the 19th Communist Party Congress in 2017. Photo: Lintao Zhang/Getty Images

The House Intelligence Committee on Wednesday released a report finding that the U.S. intelligence community has failed to adapt to the growing threat from China, arguing that it will struggle to compete on the global stage for decades to come if it does not implement major changes.

The big picture: The 200-page report, based on thousands of analytic assessments and hundreds of hours of interviews with intelligence officers, determined that the intelligence community's focus on counterterrorism after 9/11 allowed China "to transform itself into a nation potentially capable of supplanting the United States as the leading power in the world."

Updated 30 mins ago - Politics & Policy

Tim Scott says Trump "misspoke" when he told Proud Boys to "stand by"

Photo: Bonnie Cash/Pool/AFP via Getty Images

Sen. Tim Scott (R-S.C.) told reporters on Wednesday that he believes President Trump "misspoke" when he told the far-right "Proud Boys" group to "stand back and stand by" in response to a question about condemning white supremacy at the first presidential debate.

Catch up quick: Moderator Chris Wallace asked Trump on Tuesday, "Are you willing, tonight, to condemn white supremacists and militia groups and to say that they need to stand down?" Trump asked who specifically he should condemn, and then responded, "Proud Boys, stand back and stand by. But I'll tell you what, somebody's got to do something about antifa and the left."