Senate Republican Leader Mitch McConnell celebrated Glenn Youngkin's sweeping victory in Virginia's gubernatorial race on Wednesday, calling it a "referendum on the popularity of the Biden administration" and a symptom of growing opposition to the Democrat agenda. 

In an appearance on "The Story" Wednesday afternoon, McConnell, R-Ky., told host Martha MacCallum that Democrats would have likely sustained a far greater defeat had their social spending bill been passed at the time of the election. 

"I would argue had they already passed this tax and spending bill, they would have lost worse," McConnell said. 

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"I think the American people are saying don’t do that- don’t double down on taxation and spending. The American people have had enough of all of this excess, and I think they sent a message yesterday: stop. That’s the message that should be taken by the Democrats out of yesterday’s election."

Despite this, the Senate Minority Leader said his Democratic colleagues will likely "misinterpret" Tuesday's loss and seek to urgently advance the legislation.

"What happened yesterday... I don’t think it was about the Democrats' failure to do it," McConnell said. "I think It was because people didn’t like that they were trying to do it. And getting a result on this massive reckless tax and spending bill is not going to improve their position with the American people."

As for the 2022 midterm elections, McConnell doesn't have high hopes for Biden's "midterm report card," emphasizing that "the American people gave the Biden administration yesterday, an F." 

"The wind will be at our backs next year," he said.

(AP Photo/Andrew Harnik)

Virginia Gov.-elect Glenn Youngkin arrives to speak at an election night party in Chantilly, Va., early Wednesday, Nov. 3, 2021, after he defeated Democrat Terry McAuliffe. (AP Photo/Andrew Harnik)  ((AP Photo/Andrew Harnik))

The Build Back Better Act is expected to receive a vote in the House as early as this week. If it passes, moderate Democrat Sens. Joe Manchin and Kyrsten Sinema will likely be the final vote to push it across the finish line in the Senate.

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"Not a single Republican will vote for this," McConnell told MacCallum. "Every Democrat could kill the bill, modify the bill, that’s in the hands of Manchin and Sinema. They will be able to determine what it looks like."

But, he noted, "I think the best advice I can give them politically after yesterday, they ought to drop the whole thing."