Trump Backs Cuomo in New York Mayoral Race

SPEAKER_1 (0:00)

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Caitlin McCabe (0:33)

Voters head to the polls today with crucial elections in New York, Virginia, and New Jersey. Plus, we unpack what a possible win by Zoran Mamdani in New York City could mean for the future of the Democratic Party.

John McCormick (0:47)

The Democratic Party is in the wilderness here, which is a hard place to be. They're hoping to get a couple wins here, which could give them a little bit of momentum.

Caitlin McCabe (0:56)

And how a string of alleged frauds by corporate borrowers is spurring a reckoning across Wall Street. It's Tuesday, November 4th. I'm Caitlin McCabe for The Wall Street Journal, and here is the AM Edition of What's News, the top headlines and business stories moving your world today.

Now it's election day in states including New York, New Jersey, and Virginia as the first major votes following President Trump's election get underway. In the governor races, two centrist Democrats are leading the polls, although Mikey Sherrill is expected to face a tight race against Republican Jack Cittarelli in New Jersey. New York's mayoral election looks increasingly like a shoe-in for progressive Democrat Zoran Momdani, although Trump late yesterday gave his backing to former Governor Andrew Cuomo and threatened to cut federal funding for the city and send the National Guard to New York if Momdani won. Both candidates had this response.

Zoran Mamdani (1:55)

We need a mayor who can stand up to Donald Trump, who can get the funding that New York deserves, who can make sure the National Guard does not come to New York because we don't need the National Guard and I can stand up to Trump.

SPEAKER_6 (2:11)

We know and have known for months that Donald Trump would favor Andrew Cuomo as the mayor. They share the same donors, they share the same small vision, they share the same sense of impunity.

Caitlin McCabe (2:26)

And although Democrats are expected to win all three elections today, a lot is at stake for a party facing its biggest brand crisis in over 30 years. As national politics reporter John McCormick writes, the results are also likely to deliver a muddled answer on a big question gripping the party. Should Democrats be more moderate or progressive if they want to win next year's midterm elections and beyond? John, this is a debate that Democrats have had for quite some time, but feels like it's taken on new urgency this year. How divided is the party on this?

John McCormick (3:03)

Well, fairly divided. I mean, the Democratic Party is in the wilderness here, which is a hard place to be. And, you know, they're hoping to get a couple wins here, which could give them a little bit of momentum after the elections on Tuesday. But there is this fundamental question, and it's a very strong debate within the party. Progressives like Bernie Sanders and AOC in New York think the party should be more progressive, should talk about issues that it didn't talk about very much in 2024 election. And then there's moderates who say, you know, we need to get back to sort of where the party was when Bill Clinton was president or even Barack Obama was president and make sure that we're not doing things to alienate independent voters.

Caitlin McCabe (3:42)

And so let's dive into the race that I think everyone is watching, the New York City mayoral election. If Mamdani wins, how will this be interpreted by both parties?

John McCormick (3:52)

So he is a really important character in Tuesday's elections, and he has fascinated both the progressive left and conservatives for very different reasons. The progressives feel like he is the candidate of the future that if more members of the party addressed affordability, that the party could have more success. But conservatives are already very much gearing up to sort of make him the poster child for the midterm campaigns. They are going to suggest that if he gets elected, that the Democratic party has moved to the far left, very close to socialism, perhaps into socialism. And he is going to be featured in a lot of attack ads in the midterm campaigns where Republicans are going to try to associate him with all the other Democrats.

Caitlin McCabe (4:35)

And so, John, what is the thinking around whether Mamdani's strategy will work in more politically mixed states or swing states? You have one interesting quote here from former Democratic Representative Steve Israel who noted it's easier for a progressive to win in Brooklyn, New York than it is in Brooklyn, Iowa.