I just saw that the republicans have about an 80% chance of taking back the house. It is hard to know for certain because there are a lot of close races where there hasn't been much polling done. Still, the trend looks like the republicans will get. However, a few races broke the democrats way in the senate and it looks like they will be holding on to the senate with as small 1-3 seat majority.
This means that nothing will get done over the next 2 years. The republicans can pass all the legislation they want, if it isn't favorable for the democrats it will never make it through the senate and vice versa. The democrats are pissed because they see the republicans filibuster everything tactics of the last two years as having sabotaged them (the truth is the democrats were just spineless and wouldn't put the republicans to task). Because of this they aren't going to be in much of a mood to work with them.
So we will see girdlock for a couple of years then in 2012 it will come down to who can pass the blame the best to see who will hold power then.
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