WATCH: Democrats projected to take control of the House

Democrats are set to regain control of the House of Representatives after a four-year period of Republican dominance, according to projections from CBS News. This victory will mark the end of President Trump's legislative agenda and pave the way for extensive investigations into his administration and business dealings during the remaining two years of his presidency.

The shift in control is largely attributed to growing economic concerns over the cost of living, which contributed to Democrats flipping the majority. House Minority Leader Hakeem Jeffries expressed his excitement, stating that "America is back" and that "this is a change election."

During the transition to the new Congress in January, Democrats plan to conduct aggressive investigations into various aspects of the Trump administration, including the president and his family's business dealings, immigration enforcement, the Jeffrey Epstein scandal, Trump's pardons, and rushed construction projects across the nation's capital.

The oversight efforts will likely focus on Reps. Robert Garcia of California and Jamie Raskin of Maryland, who serve as the top Democrats on the Oversight and Judiciary Committees.

With the authority over federal spending, Democrats could potentially withhold funding from the Trump administration's priorities to compel officials to comply with their requests. Additionally, there are discussions about whether Democrats will attempt to impeach Trump for a third time. Although Jeffries has not ruled in or out this possibility, few are in favor of proceeding with the process.

Historically, midterm elections have been challenging for the party holding the White House. Since 1934, only three instances have occurred where the sitting president's party gained House seats in non-presidential election years. President Trump's lack of a strategy to end the unpopular war in Iran and his contentious trade conflicts have exacerbated the economic anxieties faced by many Americans, leading Democrats to emphasize affordability in their campaign message.

The final weeks saw Democrats focusing on the high cost of living and linking corruption in Washington to rising prices. Recent polls indicate that voters perceive increased government corruption as more likely under a Republican-controlled Congress.