Watch live: Schumer holds press conference celebrating Warnock victory

Senate Majority Leader Charles Schumer (D-N.Y.) will hold a press conference Wednesday morning following the reelection of Sen. Raphael Warnock (D) in Tuesday's Senate runoff in Georgia against Republican challenger Herschel Walker.

The win is a major boon for Schumer and the Senate Democratic Caucus, moving the party into a decisive majority status rather than the more limited power-sharing agreement currently in place with Senate Republican Leader Mitch McConnell (Ky.). In one procedural advantage in the coming 51-49 Senate, Democrats will be able to hold majorities on committees, easing the process of moving legislation and appointments to a floor vote. The small increase in numbers also eliminates the power of any single Democratic senator to hold up votes that require only a simple majority.

Warnock's win caps off an unexpectedly strong midterm performance for Democrats overall.

Schumer is slated to speak at 10 a.m. ET.

Watch the live video above.