About This Source - Bloomberg QuickTake: Now
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.
It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
Recent from Bloomberg QuickTake: Now:
Bloomberg QuickTake: Now published this video item, entitled “Biden: It’s a “Great Day” For American Educators” – below is their description.
Joseph Robinette Biden Jr. has defeated Donald Trump to become the 46th U.S. president, unseating the incumbent with a pledge to unify and mend a nation reeling from a worsening pandemic, faltering economy and deep political divisions. Biden’s victory came after the Associated Press, CNN and NBC showed him winning Pennsylvania and Nevada and gaining more than the 270 Electoral College votes needed to secure the presidency. “I am honored and humbled by the trust the American people have placed in me and in Vice President-elect Harris,” Biden said in a statement. “In the face of unprecedented obstacles, a record number of Americans voted. Proving once again, that democracy beats deep in the heart of America.” Biden was at home with his family when he learned he’d won the election, a campaign aide said. The president-elect planned an 8 p.m. New York time address to the nation. Trump rejected the outcome, saying in a statement immediately after the race was called that the election is “far from over.” He was at Trump National Golf Club Washington, D.C, in Sterling, Virginia, when the networks called the race for Biden. Biden’s running mate, California Senator Kamala Harris, 56, becomes the first Black and Indian-American woman to serve as vice president, a glimpse at a coming generational shift in the party. Biden, 77, will become the oldest president-elect in U.S. history and the first to oust a sitting commander-in-chief after one term since Bill Clinton defeated George H.W. Bush in 1992. Biden won 290 Electoral College votes, according to the AP, which earlier had called Arizona for the Democrat. Several other networks have yet to call Arizona or Nevada, but Biden still has the Electoral College votes to claim the presidency. Spontaneous celebrations broke out in front of the White House, in New York City’s Times Square and in Philadelphia as news of the election results were released. But the incoming president’s goal of uniting the country will be made more difficult by Trump’s unfounded allegations of fraud and with control of the U.S. Senate up in the air, awaiting two runoffs in Georgia in January. If Republicans hold the Senate, Biden’s agenda of tax hikes on the wealthy and corporations and climate-friendly energy policies could be stymied in Congress. Democrats maintained control of the House of Representatives. Biden won back the battleground states of Michigan, Wisconsin and Pennsylvania — the so-called Blue Wall that delivered the presidency to Trump in 2016. Buoyed by historic turnout, Biden reaped 4 million more votes than Trump nationwide, as of Saturday morning, winning nearly 75 million votes to Trump’s 71 million.Bloomberg QuickTake: Now YouTube Channel
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The United States Electoral College is the group of presidential electors required by the Constitution to form every four years for the sole purpose of electing the president and vice president. Each state appoints electors equal in number to its congressional delegation. Federal office holders cannot be electors.
Of the current 538 electors, an absolute majority of 270 or more electoral votes is required to elect the president and vice president. If no candidate achieves an absolute majority there, a contingent election is held by the United States House of Representatives to elect the president, and by the United States Senate to elect the vice president.
The appropriateness of the Electoral College system is a matter of ongoing debate. Supporters argue that it is a fundamental component of American federalism by preserving the Constitutional role of the states in presidential elections. Candidates must appeal to a broad and diverse set of states rather than focusing only on the few U.S. cities with the highest population densities.
Critics argue that the Electoral College system is less democratic than a direct popular vote and that the College violates the democratic principle of “one person, one vote.” Thus, a president may be elected who did not win the national popular vote, as occurred in 1824, 1876, 1888, 2000, and 2016.
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