Every ad has been cut. Every speech has been delivered. Every poll has been taken. And now we wait for the voters to decide. 

Needless to say, the stakes are high. Inflation is at a 40-year peak, abortion rights are on the ballot, rising interest rates are stoking recession fears and election deniers are on the cusp of taking office.

But no one has more riding on the outcome than President Joe Biden. Throughout all the headwinds he has faced in the two years and one day since he clinched the presidency, he had House and Senate majorities and experienced congressional leaders backing him up.

Now that backstop is seriously at risk. A Republican House threatens to Roto-Root his administration with subpoenas while turning routine spending bills into high-stakes standoffs. A GOP Senate could compound the misery, hamstringing his ability to appoint judges, ambassadors and Cabinet officials.

So how is Bidenworld facing this moment of reckoning? By essentially arguing that, whatever happens, it could have been much worse.

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Raghu Manavalan is the Host of POLITICO's Playbook Daily Briefing.
Jenny Ament is the Executive Producer of POLITICO Audio.