Without being CR: never smoke your supply, to use a metaphor.
There are a couple of different ways the election can shake out: one is the one you laid out. Tax cuts get rewritten by a GOP majority, with little to no Dem input, that stimulates more business spending, while deep budget cuts reduce government stimulus, balancing things out. Deficits either grow slowly and modestly, or maybe even come down a bit. Powell is able to continue to reduce interest rates. Bond markets, and related mortgages, approve, and rates start to fall fairly smoothly. You guys get new cars and pools, world is good.
The alternative is the GOP goes insane, cuts taxes to the bone, and spending doesn't really come down either. Trump fires Powell after he holds rates steady when inflation refires, and the Supreme Court doesn't stop him, and whoever replaces him pulls an Arthur Burns, slashes rates to make Trump happy. The Bond market loses it's shit, mortgage rates go through the roof, and you guys are on the canned bean diet for the forseeable future.
I guess it could be somewhere in the middle as well, but discounting the story the bond market is telling is a dangerous game.