Sen. Cruz: 'Bloodbath' for GOP if Voters Are Angry, Broke

Republicans will see a "bloodbath of Watergate proportions" if voters are angry, broke, and have given up hope like House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer "want them to" when they vote next month, Sen. Ted Cruz said Friday.

"I think if on Election Day, people are angry and they’ve given up hope and they’re depressed, which is what Pelosi and Schumer want them to be, I think it could be a terrible election," the Texas Republican said on CNBC's "Squawk Box." "I think we could lose the White House and both houses of Congress, that it could be a bloodbath of Watergate proportions."

Cruz' "Watergate" comment was a comparison to Democrats' overwhelming wins in 1974 after President Richard Nixon resigned. Democrat Jimmy Carter also won the presidential race in 1976.

However, if people have started back to work, "we could see a fantastic election," including President Donald Trump "winning by a big margin and Republicans winning both houses of Congress," Cruz said.

Pelosi will not agree to anything before the November election, he continued, because the "more people who are alone and broke and unemployed and pissed off, the better it is for Joe Biden."

Trump earlier this week called off talks on about the stimulus legislation, but later called for more targeted action on direct payment checks and help for the nations' financially struggling airlines.

There have been tens of thousands of layoffs in the airline industry, Cruz pointed out. It would be a simple matter to act to get overwhelming bipartisan consensus to keep people from losing their jobs, but Pelosi and Schumer don't want to stop that from happening.

If people get a pink slip, "they will be angry when they vote in November," said Cruz. "Pelosi and Schumer are gambling they'll say 'throw the bums out, let's vote for Biden.'"

Pelosi and Treasury Secretary Steven Mnuchin discussed a wide-ranging stimulus plan Thursday, according to her spokesperson.

Cruz said he spoke with Trump on Thursday, and the president is "eager" to reach a deal.