Unfortunately, the big story has been Jeffords and that's caused confusion and uncertainty. I think people today are looking at this a little more rationally.
Hogan expects little immediate effect from the power shift over the next three to six months.
While the recently approved tax bill will not be affected by his move, his decision immediately affects the ability of the parties' to set future policy agendas. The Street is trying to gauge how much the shift in Senate control will affect the Bush administration's business-friendly stance. The change could affect tax policy, prescription drug benefit legislation, environmental policy, social security reform and trade policy. More importantly, the shift to Democratic control could affect future appointments to the Supreme Court, the Federal Communications Commission and other key posts. The Labor Department's latest update on jobless claims showed a surge of 15,000 to 407,000 new claims, which is the highest level in six years.