US President Joe Biden referred to the midterm elections as "a fantastic day for America and democracy" after the Democrats appeared to defy poor polling results and fend off a Republican surge.

Biden also took a sly jab at former U.S. president Donald Trump by stating that a massive red wave "did not occur."

Wednesday, as results continue to trickle in, the Republicans are inching closer to a slim majority in the US House of Representatives (local time). However, they may have failed to capture the Senate.

"While the press and commentators are forecasting a massive red wave, it did not occur," Biden remarked in a Wednesday press conference (local time). "I am aware that you were slightly annoyed by my obsessive optimism, but I felt great throughout the entire procedure."

Biden stated, "It's going to be tight" when asked whether the Republicans would retake the House.

If Republicans win the majority, Biden indicated he would cooperate with them, but he would not accept "any Republican idea that will make inflation worse" or "make us abandon our historic promises to address the climate issue"

Biden stated that he "intends" to run again for president in 2024.

When asked about the fact that "two-thirds of Americans in exit surveys believe you should not run for re-election," he replied, "Watch me."

Trump didn’t get the “red wave” he wanted

It was an underwhelming night for Donald Trump, who was depending on a strong Republican showing to bolster his bid for reelection to the White House.

"While in some ways yesterday's election was somewhat disappointing, from my personal perspective it was a resounding victory: 219 wins and 16 losses," Trump remarked, referring to the candidates he sponsored.

On his Truth Social platform, the 76-year-old former president said, "Who has ever done better?"

In addition to losing several high-profile candidates, Trump's major competitor for the Republican presidential nomination in 2024, Ron DeSantis, won a resounding victory to retain his position as governor of Florida.

Republicans are poised to retake the 435-member House for the first time since 2018, but only by a small margin.

Republican leader Kevin McCarthy made a brave face after his party failed to gain the 60 seats he had projected in the House.

McCarthy, who aspires to be the next Speaker of the lower chamber, stated, "It is evident that we will retake the House."

After Tuesday's vote, with three important contests still undecided, the Senate was still in play. Still, it was leaning Democratic, and control may rely on a December runoff election in the southern state of Georgia.

While more than 100 Republicans who supported Trump's "great lie" that Biden stole the 2020 election were victorious, other hand-picked allies of the former president fell short.

Professor of political science at the University of Chicago Jon Rogowski said, "Many of the candidates he sponsored underperformed and cost their party the opportunity to capture seats that should have been won."

"Voters rejected not only many of Trump's candidates, but also his policies," said Rogowski, citing abortion as an example.

Voters in five states endorsed abortion rights via ballot initiatives, rejecting the conservative-dominated Supreme Court's June verdict that removed the constitutional right to the practice.

‘Definitely not a Republican wave’

To seize control of the evenly divided Senate and send a rebuke to Biden against the backdrop of sky-high inflation and fierce culture warfare, Republicans needed only one additional seat.

John Fetterman, an advocate of progressive economic principles, defeated Trump-backed celebrity physician Mehmet Oz in Pennsylvania on Wednesday to win the lone seat to shift parties.

Senator Lindsey Graham of South Carolina, a major Trump ally, candidly stated to NBC that the election is "absolutely not a Republican wave."

"Never underestimate how badly Team Biden is underestimated," tweeted the chief of staff of the White House, Ronald Klain.

A Republican-controlled House could still hinder Biden's plan by opening investigations, thwarting his climate change objectives, and examining the billions of dollars spent to aid Ukraine in its conflict with Russia.

Conventionally, the president's party loses seats in midterm elections, and with Biden's approval rating mired in the low 40s and Republicans hammering him over inflation and crime, commentators projected a drubbing.

This would have generated difficult concerns about whether the nation's oldest-ever chief executive, who turns 80 this month, should run again.

Biden is likely to emerge from the elections in considerably better health than any of his Democratic predecessors, Barack Obama or Bill Clinton, who both took a beating.

DeSantis romps to victory

Democrats need two more victories to maintain control of the Senate. Republicans require two to win.

On Wednesday, incumbent Republican Senator Ron Johnson of Wisconsin was proclaimed the winner, but tallying the remaining votes in Arizona and Nevada might take days.

Georgia will hold a runoff election on December 6 since no candidate received the required 50 percent of the vote to win the Senate contest.

On a night of tight races, one of the most crucial victories belonged to Florida's Ron DeSantis, who has railed against Covid-19 mitigation measures and transgender rights and emerged as Trump's chief 2024 party opponent.

DeSantis, 44, told a boisterous victory celebration, "I have only just began to battle."

Trump, who faces criminal investigations over the theft of top-secret White House papers and efforts to overturn the 2020 election, has not yet formally entered the 2024 presidential race but has declared plans to make a significant statement on November 15.

Before election day, Biden had warned that Republicans presented a grave threat to democracy, citing their growing acceptance of voter conspiracy theories that fueled last year's Capitol storming.