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John Bazemore / AP

President Trump got to claim a Twitter victory early this morning after the high-stakes special House election in the Atlanta suburbs. The two parties now plunge into an expensive two-month runoff as they try to excite their donors and bases heading into next year's congressional midterms.

The bottom line, from Atlanta-Journal-Constitution's Greg Bluestein: "The proxy fight between Democrats and Republicans will continue in Georgia for two more months."

The lead: "Democrat Jon Ossoff [48%] is headed for a runoff in June against a Republican contender after failing Tuesday to score an upset victory to [replace now-HHS Secretary Tom Price in] a suburban Atlanta district in Congress. He goes into a June 20 runoff against Karen Handel," who got 20%. (The numbers.)

Trump's tweet: "Despite major outside money, FAKE media support and eleven Republican candidates, BIG "R" win with runoff in Georgia. Glad to be of help!"

What's next, from N.Y. Times' Jonathan Martin and Richard Fausset, from Atlanta: "Ossoff's strong showing will ensure that national Democrats continue to compete here and will increase pressure on the party to contest a special House election next month in Montana that it has so far ignored."

What it means: "Combined with Democrats' better-than-expected performance in a special House election in Kansas last week, the Georgia result will be an immediate boon to Democratic groups, lifting their fund-raising and bolstering candidate recruitment efforts, while sobering Republicans who are assessing whether to run in Mr. Trump's first midterm election."

Adding it up: "Already, Republican candidates and outside groups have had to spend over $7 million against Democrats in a series of deeply conservative districts."

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Go deeper

School principals are not OK

Principal Alice Hom (purple jacket) of New York's Yung Wing School P.S. 124 near a vaccination van in November. Photo: Michael Loccisano/Getty Images

The overwhelming majority of secondary school principals experienced frequent stress last school year, according to a RAND Corporation report out Wednesday.

The big picture: The stress levels among female principals and principals of color were especially stark, with nearly 40% in these groups reporting constant job-related stress, compared to about 24% of male principals and 26% of white principals.

It's official: Stock market having worst start to year ever

Data: FactSet; Chart: Axios Visuals

It's been a decidedly ugly start to the year for the stock market, with particular pain in the tech trade.

State of play: As of the end of trading Tuesday — the 16th session of the year — 2022 is now, officially, the worst-ever start in the history of the S&P 500, according to data from Ned Davis Research, a stock market research shop.

Surprising pandemic side effect: Soaring trade deficits

Source: Census Bureau and Bureau of Economic Analysis; Chart: Axios Visuals

Inflation and jobs may get all the economic headlines, but meanwhile a big shift is taking place in the underpinnings of the world economy: The U.S. trade deficit is soaring.

What's happening: Americans' spending on imported physical goods has gone through the roof, while exports are growing slowly, making the U.S. the world's consumer of last resort.