Warnock's edge over Loeffler continued to grow Wednesday morning and is now too big for the incumbent Republican senator to request a recount.

Warnock currently leads by 53,430 votes, which is a margin of 1.2% of all votes cast in the race.

ABC News projected just before 2 a.m. ET that Warnock will win.

-ABC News' Quinn Scanlan

Ossoff's edge over Perdue has grown significantly, with votes coming in from the Democratic stronghold of DeKalb County. But that margin is still within recount territory.

With 98% of the expected vote reporting, Ossoff leads with 50.2% -- 2,208,717 ballots -- while Perdue trails behind with 49.8% -- 2,192,347 ballots.

Ossoff's lead of 16,370 votes is now greater than that of President-elect Joe Biden's over President Donald Trump in Georgia (11,779 votes).

The margin is currently 0.4%, and if it remains less than 0.5%, Perdue would be entitled to request a machine recount after the results are certified.

-ABC News' Quinn Scanlan

Perdue's campaign team released a statement early Wednesday, saying the race is "exceptionally close" but that they believe the incumbent Republican senator "will be victorious."

"As we've said repeatedly over the last several weeks and as recently as this evening, this is an exceptionally close election that will require time and transparency to be certain the results are fair and accurate and the voices of Georgians are heard," the Perdue campaign said. "We will mobilize every available resource and exhaust every legal recourse to ensure all legally cast ballots are properly counted. We believe in the end, Senator Perdue will be victorious."

The race between Perdue and his Democratic challenger, Ossoff, is too close to call as votes are still being tallied.

-ABC News' Quinn Scanlan

Ossoff’s campaign manager, Ellen Foster, released a statement early Wednesday saying that when all the votes are counted, their team "fully" expects Ossoff will win his Senate runoff against Perdue.

"The outstanding vote is squarely in parts of the state where Jon’s performance has been dominant," Foster said. "We look forward to seeing the process through in the coming hours and moving ahead so Jon can start fighting for all Georgians in the U.S. Senate."

If Democrats win both Senate seats in Georgia, each party will have 50 senators, and Vice President-elect Kamala Harris will be the tie-breaking vote for Democrats in the Senate.

-ABC News' Quinn Scanlan

ABC News Chief Congressional Correspondent Mary Bruce stressed the significance of Tuesday's runoffs, not only because they will determine control of the Senate but because they leave President-elect Joe Biden's agenda hanging in the balance.

"It's not just how much he can get done but also the expediency with which he might be able to get things done," Bruce said, outlining big promises in Biden's agenda, from health care to climate change.

Biden has noted in recent days, while stumping for Democratic candidates, that if Democrats are able to win both seats, the $2,000 stimulus checks Democrats have been pushing for could happen immediately. Also, the approval of additional aid to state and local governments and resources to distribute the coronavirus vaccine in a more timely fashion could come quickly.

"Not to say that Joe Biden's agenda would hit a complete brick wall if Republicans continue to maintain control in the Senate because, of course, Joe Biden prides himself on having a great working and personal relationship with Republican leader Mitch McConnell, but it certainly would make Joe Biden's agenda and his political ambitions here much, much, much easier," Bruce said.

Bruce also noted how the expected efforts by Republicans to object to the certification of the Electoral College results on Wednesday could give the public a sense of the "uphill battle" Biden may face if the GOP does maintain control of the Senate.