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Wisconsin Governor Scott Walker. Photo: Joe Raedle / Getty Images

Democrat Patty Schachtner scored a 9-point victory in a special election in Wisconsin's State Senate District 10 last night, flipping a district that had been held by the GOP since 2000 and that President Trump won by 17 points in 2016, per The Huffington Post.

Why it matters: It's a massive swing to Democrats in a Republican-heavy area ahead of November's midterms — and elected GOP officials are spooked:

And that's not all, per Daniel Nichanian at the University of Chicago, there were three other worrying results for Republicans in state special elections last night — though they still managed to hang onto the following seats in these GOP-heavy areas:

  • South Carolina's House District 99 had a 15% net swing to Democrats.
  • Iowa's House District 6 had an 18% net swing to Democrats.
  • Wisconsin's Assembly District 58 had a 25% net swing to Democrats.

One more thing: Republicans maintain their stronghold in Wisconsin. The state is one of 26 Republican trifectas (the governor is Republican, and Republicans have the majority in both the state Assembly and the state Senate). And even with Schachtner’s win, Republicans will hold a 18-14 majority, per the Milwaukee Journal Sentinel.

Go deeper: If these results show on a national scale in November, they could usher in Trump's greatest nightmare.

Get more stories like this by signing up for our daily morning newsletter, Axios AM. 

Go deeper

Dan Primack, author of Pro Rata
33 mins ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.