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Kelly Loeffler. Photo: Justin Sullivan/Getty Images

Sen. Kelly Loeffler (R) and Rev. Raphael Warnock (D) will advance to a January runoff election for one of two Senate seats up for grabs in Georgia, AP projects.

The state of play: Loeffler was able to see out a challenge from Rep. Doug Collins (R-Ga.) in the special election between the two Republicans and Warnock, as well as 18 other less competitive candidates.

  • Loeffler and Collins both campaigned heavily on their support for President Trump.
  • Loeffler has held the seat since former Republican Sen. Jonny Isakson resigned last December.

What they're saying: Collins conceded to Loeffler on Tuesday night, writing on Twitter: "She has my support and endorsement. I look forward to all Republicans coming together. Raphael Warnock would be a disaster for Georgia and America."

Go deeper

Chuck Schumer is now majority leader as 3 new Democratic senators are sworn in

Sen. Chuck Schumer (D-N.Y.) is officially Senate majority leader after the inauguration of Vice President Kamala Harris and the swearing-in of new Sens. Alex Padilla (D-Calif.), Jon Ossoff (D-Ga.) and Raphael Warnock (D-Ga.).

Why it matters: With a 50-50 Senate, Schumer will control a narrow majority with Harris as the tie-breaking vote. Democratic control of the Senate is crucial to President Biden's agenda, from getting his coronavirus relief proposal passed to forgiving student debt.

Republicans pledge to set aside differences and work with Biden

President Biden speaks to Sen. Mitch McConnell after being sworn in at the West Front of the U.S. Capitol on Wednesday. Photo: Erin Schaff-Pool/Getty Images

Several Republicans praised President Biden's calls for unity during his inaugural address on Wednesday and pledged to work together for the benefit of the American people.

Why it matters: The Democrats only have a slim majority in the Senate and Biden will likely need to work with the GOP to pass his legislative agenda.

Dion Rabouin, author of Markets
25 mins ago - Economy & Business

The digital dollar is now high priority for the Fed

Illustration: Aïda Amer/Axios

The U.S. is starting to get serious about a central-bank-backed digital currency, with recent comments from top officials laying out the strongest support yet.

Driving the news: On Tuesday Fed chair Jerome Powell told Congress that developing a digital dollar is a "high priority project for us," but added that there are "significant technical and policy questions."