Axios PM

November 04, 2026
Good Wednesday afternoon. Today's newsletter, edited by Alex Fitzpatrick, is 668 words, a 2½-min. read. Thanks to Sheryl Miller for copy editing.
⚡️ Situational awareness: Democrats took control of the Texas state House after historic wins for governor and U.S. Senate in yesterday's elections.
- Republicans held control since 2002. The win for Democrats was part of a series of sweeping gains in state governments for the party. Go deeper.
1 big thing: Vance blames war for GOP's catastrophic night

Opposition to the Iran war fueled the Democrats' "blue tsunami," Vice President Vance argued in a surprisingly blunt midterms postmortem today, Axios' Herb Scribner reports.
- Vance's comments effectively kick off the 2028 election cycle, with the vice president distancing himself from Trump's highly unpopular war.
🤳 Vance wrote on X: "The reason we lost is the war. The president himself said so last night."
- "If you'd like to argue it was worth it, that losing the Senate for the next 6 years was worth it, then do so. Argue it was a worthwhile cost to pay. Agree or disagree, that's at least honest."
Vance argued that Republicans need to do four things to win voters back: End the Iran war, focus on inflation, "put America First," and "change our relationship to Israel."
- He wrote: "To the people who are just pissed at the results, you should be. Let's take that anger and get back to the work of saving our country."
⛽️ Trump said this afternoon that he agrees that the war "drove the gasoline up a little bit, short term."
- "But at the same time, if I had to do it again, I'd have to do it again because long term, it's the only answer," he added at an impromptu White House ballroom event.
- "You have no choice. You have to do it. You can't let Iran have a nuclear weapon."
The intrigue: Donald Trump Jr. responded to Vance's post: "Every word of this is 💯💯💯."
Neither the White House nor the vice president's office responded to Axios' requests for comment.
2. 🏛️ Speaker bows out

Speaker Mike Johnson (R-La.) plans to step down as the House's top Republican after the GOP's epic midterm election losses wiped out his party's majority, Axios' Kate Santaliz reports.
📝 Johnson told colleagues in a letter that his decision wasn't easy, but that the demands of serving in leadership had required significant sacrifices from his family.
- He wrote: "After three years in this role, I believe the time has come for me to give them more of the attention and presence they so richly deserve." (Read his letter.)
Johnson's exit touches off a potentially contentious scramble to replace him.
- House Majority Leader Steve Scalise (R-La.) and Judiciary Committee Chair Jim Jordan (R-Ohio) have both thrown their hats in the ring.
🗳️ What's next: House Republicans are set to hold leadership elections on Nov. 10.
3. ⚡️ Catch me up


- 📊 In the seven states where Republicans redrew congressional boundaries, they're on track to lose as many as eight seats — rather than gain the 15 they had hoped to pick up. More from Hans Nichols.
- 🍔 Traffic at McDonald's restaurants in the U.S. fell during Q3 as customers struggled with high gas prices and other costs. Go deeper.
- 💊 CVS Health is splitting its health and pharmacy services businesses into two public companies, reversing a get-big strategy involving mergers with prescription benefits provider Caremark and insurance firm Aetna. More from Brock E.W. Turner.
4. 📸 Pic to go: Making history

Rep. Chris Pappas (D-N.H.), at right above, is set to become the first openly gay male U.S. senator, after beating Republican John Sununu in New Hampshire.
- Pappas is shown with his husband, Vann Bentley, last night at a victory party in Manchester, N.H.
- Pappas' campaign focused on issues like affordability, health care and political corruption.
🎤 The senator-elect said in a victory speech last night: "Whether you're a Republican, an independent or a Democrat, tonight's victory is for you, because this is a victory for team New Hampshire over the broken status quo that is hurting all of us just the same."
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