(NewsNation) — With just eight days to go until Election Day, signs are pointing to gains for Republicans in the House and the Senate.

The latest projections show Republicans with an almost 52% chance of winning control of the Senate after Democrats have seen their chances fall in recent days and weeks.

Still, many races across the country are within the margin of error with just one week of campaigning left to go.

One issue on the top of voter’s minds is the economy. The Federal Reserve is expected to raise interest rates as part of the government’s efforts to get a handle on inflation.

President Joe Biden has been promoting his administration’s economic policies and successes as he campaigns for Democrats.

He’ll be in Florida on Tuesday, alongside gubernatorial candidate Charlie Crist and Senate candidate Val Demings. This past weekend while voting in Delaware, he spoke about bringing his message on the road to voters and the importance of the midterms this year.

“I’m gonna be spending the rest of the time making the case that this is not a referendum. It’s a choice, a fundamental choice, a choice between two very different visions for the country. And that’s what it’s about,” Biden said.

Former President Barack Obama has also been hitting the campaign trail, heading to battleground states Georgia, Michigan and Wisconsin last week. This week, he’ll go to Nevada, Arizona and Pennsylvania, all states that could be critical when it comes to the balance of the Senate.

On the GOP side, former President Donald Trump has a big rally planned for Iowa on Thursday with Sen. Chuck Grassley and Gov. Kim Reynolds, both up for reelection.

For Trump, this also brings a chance to hold a big rally and speak to voters in the state that kicks off the presidential nomination process as he continues to flirt with possibly running for the White House again.

The outcome of the election will have an impact for the next two years, with Republicans vowing to pass a national abortion ban and investigate Biden if they take control of one or both chambers.

A split Congress could result in legislative gridlock, while a Republican-controlled Congress could block Biden’s agenda ahead of the 2024 election.

If Democrats retain control of both chambers, it could be another chance for the Biden administration to move ahead with an agenda that includes national protections for abortion and voting rights.

This election may also have consequences for the presidential election in 2024.

The majority of Republicans running for office have questioned the results of the last election, despite there being no evidence of widespread voter fraud.

Many of them have campaigned on the issue, vowing to challenge or block any results they see as suspicious. Should Republicans win critical elections in swing states like Arizona, they could also have the power to change election laws and make it easier for election officials to challenge or refuse to certify results.

Historically, the party in the White House loses ground in Congress in a midterm election. But recent history shows presidents with approval ratings in the low 40s — where Biden currently sits — have lost ground in the House but retained control of the Senate.