Gridlock No More: GOP Takes Senate, Holds House

Updated from 5:54 a.m. EST

Republicans flipped conventional mid-term wisdom on its head, scoring a resounding victory in mid-term elections and putting the Grand Old Party in control of the Senate, House of Representatives and White House for the first time since 1954.

The party in the White House usually loses seats in a mid-term election -- especially when the economy turns sour. This year, thanks in part of the popularity of the incumbent president, an energized GOP managed both to wrest control of the Senate from Democrats and add to their majority in the House.

As of 6:55 a.m. today, Republicans had a 51-46 majority in the Senate, with one independent and two races undecided. In the House, Republicans extended their advantage: The GOP now holds a 226-203 majority (one independent), with five races undecided -- up from the 223-211-1 majority it held before. An additional Senate race in Louisiana won't be decided until next month's run-off election, but the results won't affect Republican control of the chamber. While Democrats made some gains in governor's races, the GOP held a 26-19 lead in governor posts with five races undecided.

The stunning victory is a testament to the powerful coattails of President Bush, who launched an 11th-hour charm offensive with campaign stops in over a dozen states in the past week. While the official final vote tally awaits, the strong Republican showing underscores broad support for the President and his agenda.

The results left Republicans emboldened to forward Bush's military and economic agenda, Democrats demoralized and Wall Street geared up to rally this morning on news of a gridlock-free, GOP-dominated Washington.