2010 Midterm Elections: GOP Takes Hold of the House

2010 midterm elections article updated with latest results, potential impacts on the economy and details from President Obama's speech.

NEW YORK ( TheStreet) -- Republicans took control of the House of Representatives in Tuesday's midterm elections, removing Nancy Pelosi as Speaker of the House in the process -- a sign that some Americans are losing patience with President Barack Obama as the economy continues to flag. The upstart Tea Party faction of the GOP played a key role in the change, enjoying the first victory for one of its candidates to a Senate seat in the process with Rand Paul's victory in Kentucky.

Republicans picked up 60 House seats, the largest House sweep since 1948, wiping out the Democratic majority. The GOP needed to pick up 39 seats to secure a majority.

Republicans now hold 239 seats in the House to 185 for the Democrats, with 13 seats still undecided.

In a speech Wednesday afternoon, Obama said he had a good conversation with John Boehner of Ohio Tuesday night, who will replace California's Nancy Pelosi as Speaker of the House.

Obama said he did "a lot of listening," and heard confirmation of what he'd already heard from people across America -- that Americans are frustrated with the pace of economic recovery, want their paychecks to go further, want jobs to be created faster, want to know their tax dollars are spent wisely and that their voices are not being "drowned out" by partisanship.

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