Election 2024 live updates as Trump celebrates win, Biden gives first remarks since Harris' loss

he Democratic Party is taking stock of what went wrong and how they can move forward after Kamala Harris' election loss to Donald Trump. Democratic strategist Hyma Moore joined CBS News to discuss how the party might try to regroup.

House Minority Leader Hakeem Jeffries extended congratulations to Trump for his victory over Harris and praised Harris and her running mate Minnesota Gov. Tim Walz for running what he called an "inspired and positive campaign focused on lifting people up."

"I am proud that the Democratic Party does not believe in election denial. Our democracy is precious and it involves elevating public trust in our system of free and fair elections, not undermining it," Jeffries, a New York Democrat, said. "We cannot love America only when we win. The American people have spoken. I congratulate President-elect Donald J. Trump."

Jeffries noted that control of the House has not yet been decided, with results still outstanding in districts throughout the country, including several battleground districts. 

Mr. Biden delivered an appeal to voters who may be disappointed and frustrated with the outcome of the election, urging them not to be dismayed and continue fighting for the values and policies they support.

"Setbacks are unavoidable but giving up is unforgivable. We all get knocked down but the measure of our character, as my dad would say, is how quickly we get back up," he said.
"Remember, a defeat does not mean we are defeated. We lost this battle. The America of your dreams is calling for you to get back up."

The president encouraged people to stay involved in the political process and have faith in the promise of the nation.

"The American experiment endures," Mr. Biden said. "We're going to be OK. But we need to stay engaged. We need to keep going, and above all, we need to keep the faith."

The president acknowledged the achievements of his administration, while stressing that time remains to get things done before a new administration enters the White House.

"Together we've changed America for the better," Mr. Biden said.  "Now we have 74 days to finish the term — our term — let's make every day count."

The president said  much of the work his administration has done "is already being felt by the American people, noting that the vast majority of it "will be felt over the next 10 years."

Mr. Biden said there's legislation that is now just beginning to kick in, citing the over $1 trillion of infrastructure work he authorized, "because it takes time to get it done."

"There's so much more that's going to take time, but it's there," he said. "The road ahead is clear assuming we sustain it."

Mr. Biden reiterated what has been a common theme throughout his own presidential run in 2020 and this cycle before he withdrew from the race: the battle for the soul of America

"I know for some people, it's a time for victory, to state the obvious. For others, it's a time of loss. Campaigns are contests of competing visions. The country chooses one or the other. We accept the choice the country made."

The president told supporters that in the U.S., love of country should not be fleeting based on success at the ballot box.

"You can't love your country only when you win," he said. "You can't love your neighbor only when you agree with them"

Mr. Biden said the public should see one another as "fellow Americans," and hopes the nation will "bring down the temperature."

Mr. Biden reiterated that the election was security and results will be accepted.

"I also hope we can lay to rest the question about the integrity of the electoral system. It is honest. It is fair. And it is transparent. And it can be trusted, win or lose," he said. "I also hope we can restore the respect for all of our election workers who busted their necks and took risks at the outset."

The president said election workers should be thanked for counting votes and protecting the integrity of the election. He reiterated that there will be a transfer of presidential power on Inauguration Day early next year.

"On Jan. 20, we'll have a peaceful transition of power here in America," he said.

Mr. Biden said Harris "ran an inspiring campaign," despite her loss to Trump. He noted that the two spoke on the phone on Wednesday, after Trump's victory was projected.

"She has a backbone like a ramrod," Biden said, while touting Harris' character. "She gave her whole heart, effort, and she and her entire team should be proud of the campaign they ran."

The president also began marking the end of his own time in office, thanking his team and acknowledging what his administration has been able to accomplish. 

"You put so much into the past four years," Mr. Biden said. "I know it's a difficult time. You're hurting. I hear you and I see you, but don't forget, don't forget all that we accomplished."
Mr. Biden said his term has been "a historic presidency, not because I'm president, because what we've done – what you've done."

In his first remarks since Harris lost to Trump, Mr. Biden highlighted the nation's commitment to democracy.

"For over 200 years, America has carried on the greatest experiment in self government in the history of the world," he said. "The people vote and choose their own leaders and they do it peacefully. And in a democracy, the will of the people always prevails."

Mr. Biden said he spoke with Trump on Wednesday, and he reiterated a commitment to a peaceful transition.

"That's what the American people deserve," he said.

With 74 days left in her term, Vice President Kamala Harris returns to the White House following her concession speech at Howard University. CBS News correspondent Willie James Inman has more on Harris's remarks and her final months in office.

Trump has repeatedly pledged to "fix our borders," as he campaigned heavily on immigration on the campaign trail, with promises including to implement "the largest deportation program in American history." And his rhetoric could soon become reality as he's poised to return to the White House next year. 

The pledge comes as at least 11 million undocumented immigrants are in the country. Deporting one million people a year would take 1,000 new courtrooms to process and cost taxpayers an estimated $88 billion, which is roughly 11 times Immigration and Customs Enforcement's annual budget.

But Trump's promise to "rescue every city and town that has been invaded and conquered" appeared to drive voters to the polls.

For Trump's supporters, many trust he will keep his word, based on actions he took during his first administration. During his first month in office in 2017, Trump signed an executive order banning travel from six Muslim majority countries. A year later, he implemented a zero-tolerance policy that separated migrant children from their parents. And during the pandemic, he shut down asylum at the U.S.-Mexico border under Title 42. 

Meanwhile, half a million people who came to the U.S. from Venezuela under a Biden administration humanitarian parole program which is set to expire face worries that they can no longer stay. 

"My fear at this moment is having to return to a country in those conditions," Maria Martinez said. 

Harris' running mate, Minnesota Gov. Tim Walz, 60, returned to his state Wednesday evening to continue to serve his second term as governor. Peggy Flanagan, who would have stepped into the governorship had Walz's ticket won, will remain lieutenant governor. 

Walz has two years left on his term. For the remainder of the term, he may have a harder time getting policies passed compared to the accomplishments made during the landmark 2023 session.

As of now, control for the Minnesota House is up in the air after Republicans were able to flip three seats, with several other races likely heading to a recount — meaning the Democratic "trifecta" of power in the state is in doubt.

Read more from CBS Minnesota. 

— Cole Premo, Stephen Swanson, Esme Murphy

The Federal Reserve on Thursday is expected to cut interest rates by 0.25 percentage points, or half the size of its September reduction, according to forecasts from economists polled by FactSet. 

The two interest rate cuts are likely to have a huge impact on the economy in the upcoming administration. 

Read more about the expected rate cut here. 

Although all 435 seats in the House were up in the 2024 election, only about 40 were considered competitive, according to the Cook Political Report. 

As of Thursday morning, Democrats were projected to win at least 203 seats and Republicans 211 seats. A party needs 218 seats in order to have the majority. 

House Democrats need to flip four Republican-held districts — while also winning every seat they currently hold — to retake the majority they lost in 2022. 

Republicans currently have a narrow majority in the House, with 220 seats, while Democrats control 212 seats. There are three vacancies. 

Follow along with live updates here. 

Although Republicans have already picked up several key seats to secure a majority and flip control of the chamber, three Senate races in the battleground states of Nevada, Arizona and Pennsylvania remain up in the air on Thursday morning. A winner also hasn't been projected in Maine's Senate race, though independent Sen. Angus King is likely to secure reelection. 

Republicans already have victories projected across 52 races, securing a slightly larger majority than Democrats have had for the last four years in the upper chamber. And with the remaining battleground races, that majority could grow. 

In Nevada and Pennsylvania, Sens. Jacky Rosen and Bob Casey, the Democratic incumbents, are fighting to hold onto their seats, while in Arizona, Democratic Rep. Ruben Gallego and Kari Lake are facing off for departing Sen. Kyrsten Sinema's seat. 

Follow along for live updates here. 

Trump named former Goldman Sachs CEO Howard Lutnick and former Small Business Administration administrator Linda McMahon to head up the transition team in the summer. They issued a joint statement late Wednesday saying that they will in "the days and weeks ahead, President Trump will be selecting personnel to serve our nation under his leadership and enact policies that make the life of Americans affordable, safe, and secure." 

In 2016, the Trump transition team was marred by a late start and infighting, although Trump did name Chris Christie to head the transition team within several days of being elected. It's unclear when the names of Cabinet appointees will be announced. 

The president is set to address the nation Thursday morning in the aftermath of former President Donald Trump's projected victory in the 2024 elections. Mr. Biden spoke with Vice President Kamala Harris over the phone on Wednesday along with Trump, expressing his commitment to a smooth transition — and inviting the president-elect to a meeting at the White House.