The Democratic Party is set to recapture full control of the U.S. Congress after winning the two Senate seats up for grabs in the Jan. 5 Georgia runoff elections.

Democrats Raphael Warnock and Jon Ossoff defeated Republicans and incumbent Senators Kelly Loeffler and David Perdue, respectively, according to multiple media outlets' decision desks. With the victories, Warnock will become Georgia's first Black senator, while Ossoff, 33, will sit as the Senate's youngest member.

If the Georgia runoff results hold, Democrats would retake unified control of the White House, Senate and House of Representatives for the first time since 2009-2010, but with razor thin majorities in both chambers, noted Michael Pugliese, an economist for Wells Fargo Securities.

The victories in Georgia give Democrats 50 seats in the Senate, matching the number held by Republicans. Vice President-elect Kamala Harris will be the Senate's tie-breaking vote, effectively giving Democrats control of the chamber. In the House, Democrats hold a four-seat majority.

Securing both Georgia Senate seats raises President-elect Joe Biden's chances of passing major legislation, according to James Knightley, chief international economist at ING. That includes further COVID-19 fiscal relief, along with policies aimed at boosting jobs, investment and green energy.

"I have long said that the bipartisan COVID-19 relief bill passed in December was just a down payment," Biden said in a statement earlier in the day following Warnock's victory. "We need urgent action on what comes next, because the COVID-19 crisis hits red states and blue states alike."

Still, Biden and the Democrats would need the support of Republican moderates in the Senate to pass swift legislation, Knightley noted. "This means that some of the more ambitious proposals could yet be diluted even with a Democrat House and Senate majority," he said.

The Georgia Senate runoffs were held as candidates failed to secure more than 50% of the vote in the November 2020 election.