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By Matthew Chapman On Wednesday, POLITICO Playbook analyzed the surprisingly poor performance of the Republican Party in Tuesday night’s midterm elections, where they went in as prohibitive favorites to retake the House and slight favorites to retake the Senate, only for Democrats to outperform polls in several key battlegrounds and control of both chambers still too early to call. Ultimately, the results are cause for a victory lap for President Joe Biden, who beat the odds to “squelch” a predicted so-called “red wave” at the ballot box, said the report. “Once again, Biden defied expectations…