The election looks like it may yield a dream scenario for business: a moderate Democratic president whose more aggressive plans can’t pass the Senate, but who eschews the unpredictability that has often marked the Trump administration.
President-elect Joe Biden ran on one of the most progressive Democratic platforms in decades. It envisions increased taxes on investors and businesses, a public health insurance option for Obamacare, lower prices on drugs and bold plans to confront climate change and empower unions.
The legislation needed to implement much of that agenda might not get past the Senate. Based on the likely outcome of races yet to be called including expected runoffs in Georgia, Republicans have the edge to keep control. More fiscal stimulus is still likely, though less than congressional Democrats had proposed.
Mr. Biden can still wield considerable influence through executive actions and regulatory agencies, but those may be curbed by a more conservative judiciary and a Senate disinclined to confirm left-of-center appointees.
A Biden presidency would also break with some features of Mr. Trump’s administration that weren’t popular with business: tense trade relations with other countries marked by the frequent use or threat of tariffs, restrictions on foreign workers and sharp criticism of companies, by name, on Twitter.