WSJ What’s News - November 5, 2025

Episode Title: Democrats Sweep With Big Wins in New York, Virginia and New Jersey
Host: Caitlin McCabe | The Wall Street Journal
Key Guests: Aaron Zitner (WSJ Editor for Political Polling), Annie Lynskey (WSJ Reporter)

Episode Overview

This episode dives into the significant Democratic victories in key 2025 elections across New York, New Jersey, and Virginia, analyzing the implications for both parties. The show also briefly covers the ongoing government shutdown, developments surrounding SNAP benefits, and top business news, including updates from Orsted, Toyota, and Novo Nordisk.

Main Election Results & Key Themes

New York City: Zoran Mamdani’s Historic Win

• Zoran Mamdani, a 34-year-old Democratic Socialist, is elected as New York City’s 111th mayor, defeating former Governor Andrew Cuomo.
• Mamdani’s campaign emphasized progressive policies:
  • Rent freezes
  • Fare-free buses
  • Universal childcare
  • Funded by a 2% millionaire tax and increased taxes on businesses
• New York saw its highest voter turnout since 1969, with Mamdani capturing just over 50% of the vote.

Notable Quote:

"New York, tonight you have delivered a mandate for change, a mandate for a new kind of politics, a mandate for a city we can afford, and a mandate for a government that delivers exactly that."
— Zoran Mamdani at victory speech [01:26]

• Despite fierce opposition from Wall Street (Bill Ackman reportedly spent $2M trying to defeat Mamdani), some business leaders, including Ackman, congratulated Mamdani and offered support post-election.
• Progressive vision stressed:

  "This will be an age where New Yorkers expect from their leaders a bold vision of what we will achieve rather than a list of excuses for what we are too timid to attempt. Central to that vision will be the most ambitious agenda to tackle the cost of living crisis that this city has seen since the days of Fioro LaGuardia."
  — Zoran Mamdani [02:19]

New Jersey & Virginia: Commanding Democratic Victories

• New Jersey: Mikie Sherrill (D) beats Jack Cittarelli (R) by 13 points.
• Virginia: Abigail Spanberger (D) defeats her GOP opponent by 15 points.
• Both candidates focused on:
  • The cost of living
  • National security backgrounds
  • Concerns about growing executive power

Notable Quotes:

"Here in New Jersey, we know that this nation has not ever been, nor will it ever be, ruled by kings."
— Mikie Sherrill (via Annie Lynskey) [03:38]

"Right now, our federal workforce is under attack and the chaos coming out of Washington is killing Virginia jobs and creating economic uncertainty for tens of thousands of families..."
— Abigail Spanberger (via Annie Lynskey) [04:03]

Trump & Republican Setbacks

• Donald Trump blames the government shutdown and his absence from the ballot for the GOP’s poor performance, lashing out on social media.
• Trump criticizes California’s Proposition 50 (approved by voters), which redraws Congressional maps to favor Democrats.

Analysis: Democratic Momentum and Republican Fractures

• Aaron Zitner observes Democrats overperforming expectations:

  "They're very big Democratic wins, and they're much bigger than most people expected, much bigger than polls suggested we would see."
  — Aaron Zitner [05:22]

• Zitner points to the “crushing” nature of GOP losses and notes internal GOP discussions about shifting strategy.

Trump's Shadow Over Local Elections

• Republican candidates struggled to separate from Trump’s low approval:

  "Republican candidates just couldn't outrun Donald Trump's approval ratings... in Virginia, it was 40%."
  — Aaron Zitner [05:52]

• Republican vote totals mirrored Trump’s approval numbers, signaling his drag on local campaigns.

Changing Voter Coalitions

• The 2024 GOP coalition (minority and young voters) appears to be fracturing:

  "That trend receded... Latino voters seem to have moved toward the Democratic Party... Young voters also shifted... Yesterday, they were favoring the Democratic Party by more than 30 points, another big vote swing."
  — Aaron Zitner [06:23]

• Specific example:

  • Passaic County, NJ (43% Hispanic): from Trump +3 in 2024 to Sherrill +15 in 2025.

Additional Major Headlines & Political Updates

Government Shutdown & SNAP Benefits

• The government shutdown is the longest in history (36 days).
• Trump has called GOP senators to the White House, urging an end to the filibuster to reopen the government.
• Food stamp (SNAP) funding:
  • White House agrees to court order to use emergency funds for benefits.
  • Annie Lynskey notes that only 50% of monthly payments can be covered:

    "This is a finite amount of money in an emergency fund that won't be able to cover the full benefit... it appears that they will continue to receive some amount... but... there could be some delay..."
    — Annie Lynskey [09:20]

Brief Business Headlines

• UPS plane crash in Kentucky: At least 7 killed; FAA and NTSB to investigate. [10:10]
• Orsted: Reports quarterly losses; previously hit by stop-work order on US wind project.
• Toyota: Raises profit guidance despite US tariffs.
• Novo Nordisk: Lowers profit forecast as Ozempic and Wegovy face more competition.

Key Timestamps

• 00:40 — Top morning headlines
• 01:26 — Zoran Mamdani’s victory speech
• 02:47 — Wall Street reaction and turnout details
• 03:38 — Sherrill & Spanberger victory speeches
• 05:22 — Analysis by Aaron Zitner
• 06:23 — Changing demographics and voting patterns
• 09:20 — SNAP benefits and government shutdown update (Annie Lynskey Explains)
• 10:10 — UPS Kentucky crash, brief global business headlines

Tone & Style

• Direct, analytical, and concise reporting
• Occasional passionate or emphatic moments, especially in victory speeches
• Clear focus on the implications for national politics and the shifting dynamics within both parties

Memorable Moments

• Mamdani’s Victory Remarks — Calling for audacious policy and a “new kind of politics” [01:26, 02:19]
• Spanberger rallying embattled federal workers [04:03]
• Aaron Zitner’s clear assessment of a fracturing GOP coalition and unexpectedly strong Democratic gains [05:22–06:23]

This summary captures the episode’s main analysis and insights, providing a comprehensive guide to both the 2025 election results and their broader significance for U.S. politics and policy.