Former General Electric CEO warned Republicans are in for a large shock this November

Former General Electric CEO Jack Welch warned Republicans expecting big gains in the midterm elections this fall that they'll get a large shock on CNBC Tuesday.

Citing improved economic indicators, Welch said he doesn't believe the Democrats are going to be wiped out like the republicans think," and said he expects the Democrats to have enough votes in Congress following the election to move forward on other parts of their agenda, like cap and trade.

CNBC is the cable business news network that was the head media cheerleader for Bush's economic policies which brought the US economy to its knees.